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The Financial Accounting Standards BoardACC 201The Financial Accounting Standards BoardThis group was created in 1973 and was established to accomplish some very important task when it comes to finances. What is the FASB? FASB is a private sector group that is responsible for oversight, administration, and finances of the FASB GASB and their advisory counsels FASAC and GASAC. Their primary mission is to create and better the standards and guidelines for any and all financial institutions that partake in keeping track of finances and desire to report such data. This information can be used and accessed by anyone who desires to inquire the provided guidelines and standards. This mission is achieved by in-depth research and independent studies or processing. The authority to accomplish this mission is given to this private sector group by the Security and Exchange Commission and by the American Institute of Certified Public Accountants. This private sector encourages input and interaction when it comes to topics of discussions and areas of interest to be addressed. At any point and time this sector is subject to oversight by the Financial Accounting Foundation Board of Trustees. The FASB organization is made up of seven full time members that are appointed by the Foundations Board of Trustees. The full time members then have a group of 60 plus members that are their support system. They work through the FASB organization, but are prima

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