FASB is primarily concerned with which sector?

The Financial Accounting Standards Board (FASB) is primarily focused on the private sector. Its primary role is to establish accounting and financial reporting standards for private companies and organizations in the United States. This includes developing Generally Accepted Accounting Principles (GAAP) that ensure consistency and transparency in financial reporting for entities that are primarily profit-driven.

The standards set forth by FASB are crucial for stakeholders such as investors, creditors, and management to make informed economic decisions based on the financial health and performance of private sector entities. FASB does not set standards for the public sector or non-profit organizations, which have separate governing bodies like the Governmental Accounting Standards Board (GASB) for governmental entities, and the Financial Accounting Standards Board for Nonprofit Organizations (FASB’s section for non-profits).

Thus, the focus on the private sector highlights the FASB's specific mission in the landscape of accounting standards, which primarily impacts businesses, corporations, and similar entities engaged in commercial activities.