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What is FASB?

The Financial Accounting Standards Board (FASB) is a private, non-profit organization that establishes financial accounting and reporting standards for both public and private companies in the United States.

These standards, known as Generally Accepted Accounting Principles (GAAP), aim to ensure consistency and transparency in companies' financial statements, making it easier for investors, creditors, and other stakeholders to understand and compare financial information across companies. Following FASB's GAAP standards is mandatory for publicly traded companies in the U.S.

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