The Financial Accounting Standards Board (FASB)

What The Financial Accounting Standards Board (FASB) does

The Financial Accounting Standards Board (FASB) is an independent, private-sector, not-for-profit organization established in 1973 and headquartered at 801 Main Avenue, Norwalk, Connecticut. The U.S. Securities and Exchange Commission designates FASB as the official accounting standard setter for U.S. public companies, and FASB standards are recognized as authoritative by state Boards of Accountancy and the AICPA. FASB establishes and improves financial accounting and reporting standards — U.S. GAAP — that apply to public companies, private companies, and non-governmental not-for-profit organizations.

FASB's core product is the Accounting Standards Codification, a comprehensive, searchable online platform (asc.fasb.org) that serves as the single official source of authoritative, nongovernmental U.S. GAAP. Changes are communicated through Accounting Standards Updates (ASUs); structured electronic reporting is supported through FASB Taxonomies (XBRL), including the U.S. GAAP Financial Reporting Taxonomy required for SEC public company registrants. A standing Post-Implementation Review process evaluates whether recently issued standards achieve their objectives. The standard-setting process operates through public meetings, Exposure Drafts, and roundtable discussions, supported by seven standing advisory bodies — FASAC, PCC, EITF, IAC, NAC, PMAC, and ARG — that channel perspectives from preparers, auditors, investors, academics, and not-for-profit entities. The Board comprises seven full-time members appointed by the Financial Accounting Foundation (FAF), supported by more than 60 professional staff.

FASB operates on a not-for-profit funding model under FAF oversight (FAF was established in 1972 to finance, administer, and appoint the FASB); the organization does not generate commercial revenue from its standards and does not have public pricing for its services. Distribution of standards and supporting documents is conducted through the public ASC platform, the FASB website document repository, public meetings broadcast on FASB Home, and dedicated stakeholder engagement programs including the Investor Outreach Program, the Post-Doctoral Fellow Program, the Emerging Scholar Award, and the co-hosted Emerging Financial Reporting Issues Research Symposium with the University of Chicago Booth School of Business (CARC).

Name

The Financial Accounting Standards Board (FASB)

Legal name

Financial Accounting Standards Board

Website

https://fasb.org

Company type

Private

Founded year

1973

Operating status

Operating

Headcount range

51–100 employees

Short description

The Financial Accounting Standards Board (FASB) is the SEC-designated, independent not-for-profit standard setter that establishes and maintains authoritative U.S. GAAP for public companies, private companies, and not-for-profit organizations through the Accounting Standards Codification.

Ownership category

akta.pro rank

Product category

Financial Reporting Standards

NAICS

Software Publishers (513210)

akta.pro primary industry

Financial Reporting & Technical Accounting Advisory (GAAP/IFRS) (BPAHABAF)

akta.pro secondary industries

Risk, Controls & Governance (GRC) Platforms (FSAFAOAG), Compliance Technology, GRC Platforms & Controls Automation Advisory (BPAHAFAO), Financial Accounting & Reporting (GAAP/IFRS) (EDABAJAB)

Keywords

• Accounting standards setting
• Financial reporting standards
• U.S. GAAP standards
• Accounting standards codification
• Financial reporting taxonomy

Headquarters

HQ city

Norwalk

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Not-for-profit funding model: FASB is an independent, private-sector, not-for-profit organization. It is supported and overseen by the Financial Accounting Foundation (FAF), which is responsible for the oversight, administration, financing, and appointment of the FASB. The organization does not generate commercial revenue but operates through funding from the FAF.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

FASB establishes financial accounting and reporting standards (U.S. GAAP) for public companies, private companies, and nongovernmental not-for-profit organizations. It issues Accounting Standards Updates to communicate amendments to the Codification and maintains FASB Taxonomies (XBRL) for structured electronic reporting. The organization also provides Technical Inquiry services, Post-Implementation Reviews, Non-Authoritative Concept Statements, and educational resources for stakeholders.

Product overview

FASB offers a single, unified standards platform centered on the Accounting Standards Codification, the authoritative source of U.S. GAAP. The Codification is supported by Accounting Standards Updates that communicate changes, the XBRL-based FASB Taxonomies for machine-readable reporting, and a Post-Implementation Review process for quality control. Supporting services include the Technical Inquiry Service, Non-Authoritative Concept Statements, and effective dates resources. For stakeholders, FASB provides educational programs including the Emerging Scholar Award, Post-Doctoral Fellow Program, annual Investor Outreach reports, and the Emerging Financial Reporting Issues Research Symposium series.

Differentiator

Problem solved

Functional benefit

Products and services

• Accounting Standards Codification The single official source of authoritative, nongovernmental U.S. generally accepted accounting principles (GAAP). It is a comprehensive, searchable online database that organizes all authoritative GAAP into a consistent structure and is accessible through a login-based online platform at asc.fasb.org.
• FASB Taxonomies (XBRL) The U.S. GAAP Financial Reporting Taxonomy maintained by FASB for use by SEC public company registrants. Enables structured, machine-readable financial reporting in XBRL (eXtensible Business Reporting Language) format.
• Post-Implementation Review (PIR) Process A quality control mechanism that evaluates whether standards achieve their objectives by providing financial statement users with relevant information that justifies implementation costs. Currently reviewing Credit Losses; completed PIRs for Leases (November 2025) and Revenue Recognition (November 2024).
• Technical Inquiry Service FASB staff provides technical assistance to help stakeholders understand FASB standards and their application.
• Non-Authoritative Concept Statements Intended to serve the public interest by setting objectives, qualitative characteristics, and concepts that guide selection of economic phenomena for financial reporting and their display in financial statements.

Quantifiable outcome

• Decision-useful information for investors and capital markets

Named customers3 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Chookaszian Accounting Research Center (CARC), University of Chicago Booth School of BusinesscoreStrategic or Co-development Partner · 5 April 2024FASB co-hosts the Emerging Financial Reporting Issues Research Symposium series (2024, 2025, 2026) with the Chookaszian Accounting Research Center at the University of Chicago Booth School of Business. These symposia focus on understanding benefits and costs of recently implemented standards and include academic paper presentations with discussions by academics and standard setters.

Scale indicators3 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Governmental Accounting Standards Board (GASB): GASB is the sister standard-setting body under the Financial Accounting Foundation, establishing accounting and financial reporting standards for U.S. state and local governments. It is the most direct functional analogue to FASB, operating identical due process governance and producing a parallel Codification.
• IFRS Foundation / International Accounting Standards Board (IASB): The IASB is the international counterpart to FASB, issuing IFRS Standards used in over 140 jurisdictions. It is directly comparable in mandate, structure (board + technical staff + due process), and product (a consolidated standards framework and taxonomy).

Broad incumbents

• American Institute of Certified Public Accountants (AICPA): The AICPA is the national professional organization of CPAs and sets standards for private companies (ASPE) and non-public entities, as well as auditing standards for non-public entities via the PCAOB/AICPA split. It is a key FASB collaborator and recognizes FASB standards as authoritative.
• Securities and Exchange Commission (SEC): The SEC is the U.S. federal regulator that has formally designated FASB as the standard setter for public company financial reporting. It is the upstream regulatory authority that legitimizes FASB's monopoly and shapes its mandate through interpretive guidance.
• Public Company Accounting Oversight Board (PCAOB): The PCAOB oversees the audits of public companies and brokers-dealers in the U.S., setting auditing standards that complement FASB's financial reporting standards. It is a closely related U.S. accounting governance body with a parallel due process and SEC-recognized authority.

Others

• Financial Accounting Foundation (FAF): FAF is the parent organization of FASB and GASB, responsible for oversight, administration, financing, and board appointments. It is the principal funder and governance layer above FASB, directly comparable to a holding board for standards-setting activity.
• Deloitte (Accounting Research & Standards Group): The Big 4 firms maintain substantive in-house technical accounting research groups that interpret, comment on, and operationalize FASB standards. They are not peers in the standard-setting sense but are the principal downstream implementers and commentators on FASB output.

Regional players

• European Financial Reporting Advisory Group (EFRAG): EFRAG provides technical advice to the European Commission on IFRS endorsement and develops European Sustainability Reporting Standards. It is functionally a regional standards endorsement body with comparable due process and stakeholder engagement models.
• Accounting Standards Board of Japan (ASBJ): ASBJ develops Japanese GAAP and pursues convergence with IFRS. It is a national-level standards-setting body with a similar board-and-staff structure and due process, comparable to FASB at a regional/jurisdictional level.

Emerging players

• XBRL International: XBRL International develops the open specification for digital business reporting that underlies the FASB GAAP Taxonomy. It is closely linked to FASB's structured data mission and was founded by FASB's current assistant director J. Louis Matherne.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FAFNorwalk
• LinkedInlinkedin.com/company/fasb

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Financial Accounting Standards Board (FASB)