![]() ![]() FASB, an independent organization, is responsible for establishing and improving financial accounting and reporting standards within the United States. One of the key aspects of Generally Accepted Accounting Principles (GAAP) is its close working relationship with the Financial Accounting Standards Board (FASB). The Financial Accounting Standards Board (FASB) was established in 1973 by the Financial Accounting Foundation, with a mission to establish and improve financial accounting and reporting standards for the guidance and education of the public. Exploring FASB and GAAP: A professional insight into financial guidelines The Securities and Exchange Commission (SEC) played a significant role in its growth, working closely with the AICPA to establish and update these principles.By the 1970s, GAAP became widely accepted, ensuring that financial statements are transparent, comprehensive, and consistent.
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