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Regional organisations
- Asian-Oceanian Standard-Setters Group (AOSSG)
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- Financial Accounting Standards Board (FASB)
- Group of Latin American Accounting Standard Setters (GLASS)
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- US Securities and Exchange Commission (SEC)
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Background
Since 1973, the Financial Accounting Standards Board (FASB) has been the designated organisation in the private sector for establishing standards of financial accounting and reporting in the United States of America. Those standards govern the preparation of financial reports. They are officially recognised as authoritative by the Securities and Exchange Commission (Financial Reporting Release No. 1, Section 101) and the American Institute of Certified Public Accountants (Rule 203, Rules of Professional Conduct, as amended May 1973 and May 1979).
The stated mission of the Financial Accounting Standards Board is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.
FASB Codification
Effective 1 July 2009, the FASB reorganised its standards into the FASB Codification. The Codification is an online research system representing the single source of authoritative nongovernmental US GAAP. Subscriptions to the FASB Codification are available in two ways:
- Professional view, which provides topically organised access to all authoritative nongovernmental US GAAP, including relevant SEC content, with a wide range of supporting utilities including text searching, cross-references, and access to previous versions of content. Annual subscription is US$850 for a single concurrent use. Accounting educators and students can get free access.
- Basic view, which provides topically organised access to all authoritative nongovernmental US GAAP, including relevant SEC content, with limited supporting utilities. Available at no charge.
The FASB Codification may be accessed at http://asc.fasb.org/.
Standards as issued prior to codification
The FASB standards that were superseded by the Codification are still available on line, without charge, here.
Contact information
Financial Accounting Standards Board
401 Merritt 7 P.O. Box 5116
Norwalk, CT 06856-5116
United States of America
Telephone: +1 (203) 847-0700
Facsimile: +1 (203) 849-9714
Email: techinq @ fasb.org
Website: http://www.fasb.org
05 Oct 2023 The IASB and FASB met jointly in London on 29 September 2023 to update each other on their respective work programmes and projects. 20 Sep 2023 The IASB has posted the agenda for its education meeting with the FASB, which will be held in its offices in London on 29 September 2023. There are six topics on the agenda. 08 Feb 2023 In November 2022, the IASB, FASB, and 'The Accounting Review' hosted an academic conference 'Accounting for an ever-changing world'. As part of the conference, Mary Barth, Vice-Chair of the US Financial Accounting Foundation, hosted a fireside chat with IASB Chair Andreas Barckow and FASB Chair Rich Jones. 12 Oct 2022 The IASB and FASB met virtually and in its offices in London on 30 September 2022. We have posted our comprehensive Deloitte observer notes for all the discussion held during the meeting. 12 Oct 2022 On 10-11 October 2022, the FASB and the Accounting Standards Board of Japan (ASBJ) held a joint meeting in Norwalk. The meeting was the 31st in a series of biannual meetings between the two standard setters. 26 Sep 2022 The FASB and the IASB will hold a one-day joint education meeting on 30 September 2022. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB and FASB discussions more closely. We summarised the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and FASB. 16 Sep 2022 The agenda for the 30 September IASB-FASB joint education meeting has been posted. The meeting will be held virtually and in the IASB's office in London. There are four main topics on the agenda. 17 Jun 2022 During its meeting held on Wednesday, the US Financial Accounting Standards Board (FASB) unanimously decided to end the four-year project that had aimed at simplifying how companies calculate goodwill impairments. 07 Dec 2021 The CFA Institute, a global association of investment professionals, has published the results of a survey of CFA Institute members that demonstrate an almost unanimous preference from investors for a unified global approach, with a majority favoring improving disclosures over reverting to amortisation. 20 Oct 2021 On 18-19 October 2021, the FASB and the Accounting Standards Board of Japan (ASBJ) held a joint virtual meeting. The meeting was the 30th in a series of biannual meetings between the two standard setters. 06 May 2021 A summary of recent developments at SEC, CAQ, FASB, IFAC, IFAC/IIRC, IIIRC/SASB, GRI/SASB, SASB, WEF/VBA, WBCSD, EFRAG, ACCA, A4S, SEBI, and SSE. 31 Mar 2021 On 29-30 March 2021, the FASB and the Accounting Standards Board of Japan (ASBJ) held a joint virtual meeting. The meeting was the 29th in a series of biannual meetings between the two standard-setters. 26 Feb 2021 The International Organization of Securities Commissions (IOSCO) has released a statement urging the International Accouting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) to collaborate closely with each other on accounting for goodwill. 10 Feb 2021 The IASB, FASB, and The Accounting Review (TAR) are requesting academic research papers focusing “on the effectiveness of the FASB’s and/or IASB’s standards on revenue recognition (Topic 606 and IFRS 15 'Revenue from Contracts with Customers'), leases (Topic 842 and IFRS 16 'Leases'), and financial instruments (Topic 326, 'Financial Instruments – Credit Losses and IFRS 9 Financial Instruments').” 11 Dec 2020 Deloitte has released a comprehensive 380-page publication focusing on some of the most common and significant differences that may affect financial statements when converting from U.S. GAAP to IFRS Standards and vice versa. 11 Nov 2020 The IASB will meet via video conference on 18 November for its regular meeting and on 19 November it will meet jointly with the FASB in an educational meeting. We have posted our pre-meeting summaries for the meetings that allow you to follow the IASB’s decision making more closely. For each topic to be discussed, we summarise the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations. 28 Oct 2020 On 26-27 October, the FASB and the Accounting Standards Board of Japan (ASBJ) held a joint virtual meeting. The meeting was the 28th in a series of biannual meetings between the two standard-setters. 30 Sep 2020 The International Forum of Accounting Standard Setters (IFASS) is currently holding its fall meeting as a virtual conference. One presentation today saw a contribution by the standard setters of Canada, Germany, Japan, the United Kingdom and the United States on perspectives on the financial reporting on intangibles. 11 Sep 2020 Five internationally significant framework- and standard-setting institutions (CDP, CDSB, GRI, IIRC, and SASB) have published a statement of intent to work together towards a comprehensive corporate reporting system. 02 Jun 2020 On 1 June, the FASB and the Accounting Standards Board of Japan (ASBJ) held a joint virtual meeting. The meeting was the 27th in a series of biannual meetings between the two standard-setters. 08 May 2020 Global responses to the coronavirus disease 2019 (COVID-19) outbreak continue to rapidly evolve. Numerous publications and announcements of developments have sprung up around the world. Since it has become more and more difficult to follow all of them, we have put together a meta-collection of collections that we found helpful and worth browsing. 30 Mar 2020 On 27 March 2020, US President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides relief from certain accounting and financial reporting requirements under U.S. GAAP. However, until actions are taken by the SEC or the FASB, the provisions of the CARES Act are not amendments to US GAAP. 19 Dec 2019 The Financial Accounting Foundation (FAF) has announced that the next chair of the FASB will be Richard R. Jones. Effective 1 July 2020, Mr Jones will be succeeding the current chair, Russell G. Golden. 08 Nov 2019 At the XBRL US Investor Forum 2019 earlier this week, FASB Chairman Russell G. Golden explained how high-quality structured data helped take financial reporting to a higher plane and called structured data "the future of financial reporting". 24 Sep 2019 At the World Congress of Accountants in Australia in November 2018, the Corporate Reporting Dialogue (CRD), which brings together organisations that have significant international influence on the corporate reporting landscape, announced a two-year project focused on aligning the standards and frameworks of its members. A report 'Driving Alignment in Climate-related Reporting' was now launched amongst businesses and investors at the World Economic Forum’s Sustainable Development Impact Summit, during Climate Week NYC. All Related Related news
Summary of the joint IASB/FASB education meeting in September
September 2023 IASB-FASB joint education meeting agenda posted
Recording of the fireside chat featuring the IASB Chair and the FASB Chair
September 2022 IASB-FASB joint meeting notes posted
FASB and ASBJ hold biannual meeting
Pre-meeting summaries for the September 2022 IASB-FASB joint education meeting
September 2022 IASB-FASB joint education meeting agenda posted
FASB removes goodwill project from its technical agenda
Investors want global approach to goodwill accounting
FASB and ASBJ hold biannual meeting
Recent sustainability and integrated reporting developments
FASB and ASBJ hold biannual meeting
IOSCO calls on IASB and FASB to collaborate on goodwill accounting
IASB, FASB, and The Accounting Review call for academic research papers on the performance of standards in capital markets
Understanding the differences between U.S. GAAP and IFRS Standards
Pre-meeting summaries for the November 2020 IASB meeting
FASB and ASBJ hold biannual meeting
Standard setters discuss intangibles at IFASS meeting
Towards comprehensive corporate reporting
FASB and ASBJ hold biannual meeting
Collections of COVID-19 resources
CARES Act would provide optional temporary relief from CECL accounting
Richard Jones named next FASB chair
FASB Chairman discusses interrelation between standard-setting and XBRL
CRD launches report on alignment between its members' sustainability standards and frameworks and the TCFD recommendations
Quick links
- IASB-FASB convergence project
- FASB website homepage
- FASB newsletter: Action Alert
- FASB agenda projects and technical plan
- FASB international activities
- Emerging Issues Task Force (EITF)
- US Securities and Exchange Commission (SEC)
- United States country page
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Heads Up — FASB Issues Guidance on Profits Interest Awards
22 Mar 2024
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Heads Up — #DeloitteESGNow — FASB Makes Additional Tentative Decisions Related to the Accounting for Environmental Credit Programs
22 Feb 2024
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Heads Up — FASB Issues ASU on Income Tax Disclosures
18 Jan 2024
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Heads Up — FASB Issues Final Standard on Improvements to Reportable Segment Disclosures
20 Dec 2023
- All Related
Related Publications
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2021 Agenda Consultation (FASB) and Third Agenda Consultation (IASB)
30 Sep 2022
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Joint IASB — FASB education meeting
23 Jul 2021
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Classification and measurement (IASB and FASB)
18 Jun 2013
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Impairment
09 Apr 2013
- All Related
Related Discussions
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IASB-FASB convergence
- All Related
Related Projects
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Accounting Standards Advisory Forum (ASAF)
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Financial Crisis Advisory Group (FCAG)
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Joint Transition Resource Group for Revenue Recognition
- All Related
