Financial Accounting Standards Board: Difference between revisions

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The '''Financial Accounting Standards Board''' is a major organization to develop Generally Accepted Accounting Principles in the US[[United States]] ([[US generally accepted accounting principles|US GAAP]]) along with [[Securities and Exchange Commission|SEC]], [[AICPA]], and [[GASB]]. It was created in [[1973]] and replaced its predecessor, the Accounting Principles Board and the Committee on Accounting Procedure of the American Institute of Certified Public Accountants, which was the former's predecessor. The federal organization is responsible for maintaining independent standards in accounting, the powers of which come from the Congress. Some of work is evaluating how financial workers should handle [[stock option]]s. The board's current (2004) chairman is [[Robert H. Herz]].

==See also==