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TeachMeFinance.com - explain Financial Accounting Standards Board (FASB) Financial Accounting Standards Board (FASB) An independent board responsible, since 1973, for establishing generally accepted accounting principles. Its official pronouncement are called "Statements of Financial Accounting Standards" and "Interpretations of Financial Accounting Standards." About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.