<P> 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 . </P>
<P> 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 . </P>
what is the primary role of the financial accounting standards board fasb
what is the primary role of the financial accounting standards board fasb
to establish and improve generally accepted accounting principles ( GAAP ) within the United States in the public 's interest
to establish and improve generally accepted accounting principles ( GAAP ) within the United States in the public 's interest