The financial accounting standards board fasb is an independent organization that sets accounting standards for companies and nonprofits in the united states.

An accounting standard is a common set of principles standards and procedures that define the basis of financial accounting policies and practices more partner links.

The financial accounting standards board fasb issued a new accounting standard accounting standards update asu no 2016 13 topic 326 financial instruments ndash credit losses on june 16 2016 1 the new accounting standard introduces the current expected credit losses methodology cecl for estimating allowances for credit losses.

Appendix d summary of the fasbs iasc us gaap comparison project this document is an excerpt from the fasbs the iasc u s comparison project a report on the similarities and differences between iasc standards and u s gaap copyrighted by the financial accounting standards board norwalk connecticut usa 1999 please note.

The financial accounting standards board fasb has defined the following elements of financial statements of business enterprises assets liabilities equity revenues expenses gains losses.

Accounting for government grants sample journal entries note articles published before january 1 2017 may be out of date we.