The Financial Accounting Standards Board (FASB) is a private, independent organization that is responsible for developing Generally Accepted Accounting Principles (GAAP) in the United States. Established in 1973, the FASB's mission is to improve the understandability, relevance, and comparability of financial reporting.

The FASB is recognized as the authority on financial accounting standards by the U.S. Securities and Exchange Commission (SEC) and the American Institute of CPAs (AICPA). For example, a company preparing its financial statements might refer to FASB standards to ensure they adhere to GAAP, such as using designated methods of revenue recognition or the reporting of liabilities.

Key outputs of FASB include various Accounting Standards Updates (ASUs), which are developed after thorough research, discussion, and public consultation to reflect the financial reporting needs of stakeholders. The FASB works closely with other standard-setting organizations internationally, such as the International Accounting Standards Board (IASB), to improve the convergence of global accounting standards.

In summary, the FASB plays a crucial role in ensuring that financial information disclosed by entities is consistent, transparent, and useful to investors, regulators, and the public.