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Financial Accounting Standards Board (FASB)

FASB (US Financial Accounting Standards Board)

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

The stated mission of the FASB 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.

The FASB has seven full-time Board members, of whom one is appointed as Chairman.

FASB Codification

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

  • Professional view, which provides topically organized access to all authoritative nongovernmental U.S. 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 $850 for a single concurrent use. Accounting educators and students can get free access.
  • Basic view, which provides topically organized access to all authoritative nongovernmental U.S. GAAP, including relevant SEC content, with limited supporting utilities. Available at no charge.

The FASB Codification may be accessed at

Standards as issued before the Codification

The FASB standards that were superseded by the Codification are still available online without charge; click here.

Contact information

Financial Accounting Standards Board
401 Merritt 7 P.O. Box 5116
Norwalk, CT 06856-5116
Telephone: (203) 847-0700
Fax: (203) 849-9714
Email: See list on FASB Web site
Web site:

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.