The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard setting body whose primary purpose is to establish and improve generally accepted accounting principles (GAAP) within the United States in the public 's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the American Institute of Certified Public Accountants ' (AICPA) Accounting Principles Board (APB) on July 1, 1973.
what is the function of the accounting standard​ setters
to establish and improve generally accepted accounting principles (GAAP) within the United States in the public 's interest