FASB
Business & Finance abbreviation · Accounting
| Stands for | Financial Accounting Standards Board |
|---|---|
| Categories | Business & Finance |
FASB stands for Financial Accounting Standards Board, an accounting abbreviation.
Independent private-sector body that establishes US GAAP for public companies, private companies and nonprofit organizations, recognized by the SEC as the designated standard-setter. Based in Norwalk, Connecticut, it issues Accounting Standards Updates to the Codification.
Example: FASB's 2023 rule lets companies measure crypto holdings at fair value, with changes flowing through net income.
Usage notes
Pronounced "FAZZ-bee." Founded in 1973 to replace the Accounting Principles Board, it is overseen by the Financial Accounting Foundation, which also oversees GASB. Major recent FASB standards include revenue recognition (ASC 606), leases (ASC 842) and current expected credit losses (CECL). The board has seven full-time members.
Related abbreviations
More accounting abbreviations
- DTL – Deferred tax liability
- EBIT – Earnings before interest and taxes
- EBITDA – Earnings before interest, taxes, depreciation and amortization
- EBITDAR – Earnings before interest, taxes, depreciation, amortization and rent…
- EBT – Earnings before taxes
- EPS – Earnings per share
- FIFO – First in, first out
- FRS – Financial Reporting Standard
- FV – Fair value
- FY – Fiscal year
- FYE – Fiscal year-end
- G&A – General and administrative expenses