Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting that govern the preparation of financial reports by nongovernmental organizations.

Those standards are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants.

The FASB accomplishes its mission through a comprehensive and independent process that encourages broad participation, objectively considers all stakeholder views, and is subject to oversight by the Financial Accounting Foundation’s Board of Trustees.