<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 function of the accounting standard ​ setters
what is the function of the accounting standard ​ setters
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