Question

The organization primarily responsible for establishing accounting and reporting standards in the United States is the Financial Accounting Standards Board (FASB).
True / False.

Answer 1

Answer:

This statement is True.

Explanation:

The Financial Accounting Standards Board (FASB) is the successor of the Accounting Principles Board and was founded in 1973. Currently based in Norwalk - Conn, the FASB is responsible of establishing the Generally Accepted Accounting Principles (GAAP), and, overall, is in charge of setting accounting and financial reporting standards for public and private companies, as well as non-profit organizations in the United States. The FASB is also currently working to establish worldwide acceptable standards together with the International Accounting Standards Board (IASB).