What is the primary responsibility of the Financial Accounting Standards Board (FASB)?

The Financial Accounting Standards Board (FASB) is primarily responsible for developing and establishing accounting and reporting standards that govern financial reporting for private sector companies in the United States. This role is vital as it ensures that financial statements provide a complete and accurate representation of a company's financial performance and position, which is crucial for investors, creditors, and other stakeholders who rely on these statements for decision-making.

By setting these standards, FASB aims to enhance the consistency and comparability of financial reporting across various sectors and industries, which helps to promote trust and efficiency within the financial markets. This delineation of responsibility does not extend to performing audits, issuing international standards, or regulating the public accounting industry, which are separate functions typically overseen by other organizations.