Which board is known as FASB?

The Financial Accounting Standards Board (FASB) is the correct designation for the board in question, and it plays a crucial role in establishing and improving generally accepted accounting principles (GAAP) in the United States. FASB was formed in 1973 and provides authoritative guidance for financial reporting to ensure transparency and consistency in financial statements. This is vital for investors, creditors, and other stakeholders who rely on accurate financial information to make informed decisions.

The board's mission includes enhancing the relevance, reliability, and comparability of financial information. By standardizing the reporting framework, FASB helps maintain investor confidence in U.S. capital markets, making it essential for all entities that prepare financial statements under GAAP. The significance of FASB's work extends to various sectors, influencing the financial reporting practices of businesses, non-profits, and governmental entities.

Understanding the role of the Financial Accounting Standards Board is critical for professionals in finance and accounting, as the standards set by FASB directly impact the preparation of financial reports, compliance, and audits within the relevant jurisdictions.