Financial Accounting Standards Board

noun

1. an independent organization founded in 1973, responsible chiefly for establishing generally accepted accounting principles. FASB

Example Sentences

The rule, issued in 2004 by the Financial Accounting Standards Board, requires firms to charge stock options against earnings.

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In the 1970s, a new nonprofit, the Financial Accounting Standards Board, was established with government endorsement to replace the discredited Accounting Principles Board.

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Large companies also could try to lobby the nongovernmental Financial Accounting Standards Board for favorable changes to the rules for calculating book income.

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Mr. Pomerleau also lamented that by taxing book income, Congress was ceding some control over tax policy to the Financial Accounting Standards Board, an independent organization that sets accounting rules.

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Other opponents of the new tax have expressed concerns that it would give more control over the U.S. tax base to the Financial Accounting Standards Board, an independent organization that sets accounting rules.

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