Financial Accounting Standards Board

noun

1. an independent organization founded in 1973, responsible chiefly for establishing generally accepted accounting principles. : FASB

Example Sentences

Large companies also could try to lobby the nongovernmental Financial Accounting Standards Board for favorable changes to the rules for calculating book income.

From Reuters

Mr. Pomerleau also lamented that by taxing book income, Congress was ceding some control over tax policy to the Financial Accounting Standards Board, an independent organization that sets accounting rules.

From New York Times

Other opponents of the new tax have expressed concerns that it would give more control over the U.S. tax base to the Financial Accounting Standards Board, an independent organization that sets accounting rules.

From New York Times

The Financial Accounting Standards Board, a private organization run by a seven-member board, determine how quarterly and annual profits are calculated.

From New York Times

Nearly 50 years ago, the Securities and Exchange Commission gave responsibility for writing and updating its “generally accepted accounting principles,” which determine how quarterly and annual profits are calculated, to the Financial Accounting Standards Board, a private organization funded by corporations and overseen by a nonprofit group, the Financial Accounting Foundation.

From New York Times