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The Federal Accounting Standards Advisory Board (FASAB) is an independent board that advises the federal government on financial accounting and reporting standards. It was established in 1990 to provide the government with guidance on financial reporting issues and to help ensure the consistency and comparability of financial reporting across federal agencies.
The FASAB is responsible for developing and issuing financial accounting standards for the federal government. These standards provide guidance on how federal agencies should report their financial activities, including how to classify and present financial information in their financial statements. The FASAB also provides guidance on how to interpret and apply these standards in practice.
The FASAB is made up of representatives from a range of organizations, including federal agencies, the private sector, and academia. It operates under the jurisdiction of the Comptroller General of the United States, who is the head of the Government Accountability Office (GAO).
Overall, the FASAB plays an important role in helping to ensure the transparency and accountability of financial reporting in the federal government.
