FASB was created in 1973, replacing the Accounting Principles Board and the Committee on Accounting Procedure of the American Institute of Certified Public Accountants before it. The FASB is a private body whose mission 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.” The FASB publishes the Generally Accepted Accounting Procedures (GAAP).
