Definition
FASB is an independent organization that establishes and improves financial accounting and reporting standards for U.S. companies. Its goal is to ensure transparency, consistency, and comparability of financial statements.
Related Services
Accounting, auditing, and financial advisory services help companies comply with FASB standards in their financial reporting.
Problem and Application
While FASB standards ensure consistency, companies may face challenges in applying complex guidelines, especially in specialized industries or unique business models.
Conclusion
FASB plays a pivotal role in maintaining the integrity and transparency of financial reporting, supporting investor confidence and market stability.
