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Financial Accounting Standards Board (FASB)

Background

Since 1973, the Financial Accounting Standards Board (FASB) has been the designated organisation in the private sector for establishing standards of financial accounting and reporting in the United States of America. Those standards govern the preparation of financial reports. They are officially recognised as authoritative by the Securities and Exchange Commission (Financial Reporting Release No. 1, Section 101) and the American Institute of Certified Public Accountants (Rule 203, Rules of Professional Conduct, as amended May 1973 and May 1979).

The stated mission of the Financial Accounting Standards Board is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.

FASB Codification

Effective 1 July 2009, the FASB reorganised its standards into the FASB Codification. The Codification is an online research system representing the single source of authoritative nongovernmental US GAAP. Subscriptions to the FASB Codification are available in two ways:

  • Professional view, which provides topically organised access to all authoritative nongovernmental US GAAP, including relevant SEC content, with a wide range of supporting utilities including text searching, cross-references, and access to previous versions of content. Annual subscription is US$850 for a single concurrent use. Accounting educators and students can get free access.
  • Basic view, which provides topically organised access to all authoritative nongovernmental US GAAP, including relevant SEC content, with limited supporting utilities. Available at no charge.

The FASB Codification may be accessed at http://asc.fasb.org/.

Standards as issued prior to codification

The FASB standards that were superseded by the Codification are still available on line, without charge, here.

Contact information

Financial Accounting Standards Board
401 Merritt 7 P.O. Box 5116
Norwalk, CT 06856-5116
United States of America
Telephone: +1 (203) 847-0700
Facsimile: +1 (203) 849-9714
Email: techinq @ fasb.org
Website: http://www.fasb.org

 

 

Related news

  • Agenda for April 2014 IASB meeting

  • Apr 11, 2014

  • The International Accounting Standards Board (IASB) will be meeting at its offices in London on 22–25 April 2014. Part of the meeting will be held jointly with the Financial Accounting Standards Board (FASB) to discuss the leases project. Additionally, the IASB will be discussing its research programme, bearer plants, issues from the Interpretations Committee, rate-regulated activities, the equity method in separate financial statements, the conceptual framework, insurance contracts, and the disclosure initiative.

  • FASB redefines discontinued operations

  • Apr 10, 2014

  • Today, the FASB issued Accounting Standards Update (ASU) No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." Under the ASU, only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. In addition, the ASU (1) expands the disclosure requirements for disposals that meet the definition of a discontinued operation, (2) requires entities to disclose information about disposals of individually significant components, and (3) defines “discontinued operations” similarly to how it is defined under IFRS 5, "Non-current Assets Held for Sale and Discontinued Operations."

  • FASB and ASBJ hold biannual meeting

  • Apr 02, 2014

  • The sixteenth meeting between representatives of the Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) was held in Norwalk earlier this week. The meeting saw updates on each board's respective standard-setting activities and an exchange of views on technical topics that are of interest to both boards.

  • March 2014 IASB meeting notes — Part 3

  • Mar 24, 2014

  • The IASB's meeting was held on 13–21 March 2014, some of it having been a joint meeting with the FASB. We have now posted the Deloitte observer notes from Tuesday’s and Wednesday's joint sessions on leases.

  • FASB plans to conduct research and outreach with stakeholders on fair value measurement

  • Mar 11, 2014

  • The Chairman of the US Financial Accounting Standards Board (FASB) has submitted a letter to the Financial Accounting Foundation’s (FAF’s) Standard-Setting Process Oversight Committee acknowledging the results of the FAF's post-implementation review (PIR) of FASB Statement No. 157 'Fair Value Measurements'. The review team had concluded that the standard generally achieves its purpose and provides investors with decision-useful information. However, it also noted that some investors found certain aspects of the standard challenging.

  • Agenda for March 2014 IASB meeting

  • Mar 07, 2014

  • The International Accounting Standards Board (IASB) will hold its next meeting on 13–21 March 2014. The meeting is segmented into three parts: (1) IASB education sessions on insurance contracts and leases; as well as an IASB-only meeting on conceptual framework will be held in London on 13–14 March 2014, (2) Joint meeting with the Financial Accounting Standards Board (FASB) to discuss the leases project and an IASB-only meeting on insurance contracts will be held in Norwalk on 18–19 March 2014, and (3) IASB-only meeting to discuss various topics from the Interpretations Committee, sweep issues on bearer plants, amendments to IAS 1, and issues related to its disclosure initiative will be held in London on 21 March 2014.

  • FASB proposes decision process improvements for disclosure framework

  • Mar 05, 2014

  • The FASB has issued an exposure draft proposing a decision process to be used by the Board and its staff for evaluating what disclosures should be required in notes to interim and annual financial statements. Also, it proposes the types of information that should not be required in notes to financial statements.

  • FASB diverges from the insurance project

  • Feb 20, 2014

  • At its meeting yesterday, the Financial Accounting Standards Board (FASB) tentatively decided to abandon its convergence efforts with the International Accounting Standards Board (IASB) on insurance contracts.

  • FASB abandons converged approach to business model assessment

  • Jan 30, 2014

  • At its meeting yesterday to discuss the classification and measurement of financial instruments, the US Financial Accounting Standards Board (FASB) tentatively decided not to pursue the converged approach jointly developed by the FASB and IASB (the 'boards') for assessing the business model in which a financial asset is managed.

  • January 2014 IASB meeting notes — Part 1

  • Jan 27, 2014

  • The IASB's meeting was held in London on 21-23 January 2014, some of it a joint meeting with the FASB. We have posted Deloitte observer notes from Wednesday's joint session on insurance contracts and Thursday's sessions on IFRS Interpretations Committee issues, amendments to IAS 1, and leases (together with the FASB).

  • FASB issues guidance on service concession arrangements

  • Jan 24, 2014

  • The FASB has issued Accounting Standards Update (ASU) No. 2014-05, “Service Concession Arrangements,” which prohibits an operating entity from accounting for a service concession arrangement as a lease. In addition, the ASU states that “infrastructure used in a service concession arrangement should not be recognized as property, plant, and equipment of the operating entity.”

  • FASB decision diverges classification and measurement guidance

  • Dec 19, 2013

  • At its meeting yesterday, the US Financial Accounting Standards Board (FASB) decided to abandon the “SPPI test” that would have been required as part of the proposed contractual cash flow assessment for determining the classification and measurement of financial assets.

  • FASB releases Financial Reporting Taxonomy 2014

  • Dec 18, 2013

  • The Financial Accounting Standards Board (FASB) has released the 2014 US GAAP Financial Reporting Taxonomy, pending final acceptance by the US Securities and Exchange Commission (SEC). It contains accounting standards updates and other improvements to the official taxonomy, which is used by public issuers registered with the SEC.

  • November 2013 IASB meeting notes — Part 3 (concluded)

  • Nov 25, 2013

  • The IASB's meeting was held in London on 20-22 November 2013, some of it a joint meeting with the FASB. We have posted the final Deloitte observer notes from the meeting, covering the discussions on classification & measurement and impairment.

  • November 2013 IASB meeting notes — Part 1

  • Nov 21, 2013

  • The IASB's meeting is being held in London on 20-22 November 2013, some of it a joint meeting with the FASB. We have posted Deloitte observer notes from Wednesday's sessions on four narrow scope projects (IFRS 10/IAS 28, IFRS 11, IAS 16/IAS 39, 2012-2014 Annual improvements cycle), 2010-2012 Annual improvements cycle on vesting conditions (IFRS 2), rate-regulated activities (interim IFRS), disclosure initiative (IAS 1), disclosures about going concern (IAS 1), revenue recognition, and leases.

  • FEI proposes simplified approach to leases

  • Nov 14, 2013

  • Against the backdrop of repeated complaints about the complexity of the IASB's and FASB's joint re-exposed proposed approach for the recognition and measurement of leases, Financial Executives International (FEI) has reminded the boards of an alternative approach to lease accounting it developed in its original comment letter. FEI believes its suggested 'Display approach' would achieve the enhanced balance sheet display that is the primary goal of the leases project while at the same time avoiding the complexity of the boards' proposals.

  • FSB discusses accounting and convergence

  • Nov 11, 2013

  • The Financial Stability Board (FSB) met on 8 November in Moscow. At the meeting, the FSB discussed vulnerabilities in the global financial system and reviewed work plans for completing core financial reforms.

  • Agenda for November 2013 IASB meeting

  • Nov 10, 2013

  • The International Accounting Standards Board (IASB) is meeting at its offices in London on 20-22 November 2013. Part of the meeting with be held jointly with the Financial Accounting Standards Board (FASB) to discuss the classification and measurement of financial instruments and leases. The IASB will consider rate regulated activities (both the interim standard and research project), possible amendments to IAS 1 (disclosure initiative and going concern disclosures), annual improvements 2010-2012 cycle, revenue recognition, financial instruments impairment, the due process followed and possible finalisation of the next due process steps in a number of narrow scope projects (annual improvements 2012-2014 cycle, amendments to IFRS 10/IAS 28, IAS 16/IAS 38 and IFRS 11), and the post-implementation review of IFRS 3.