Financial Accounting Standards

Financial Accounting Standards Definition (in the Accounting Vocabulary)

The New York State Society of Certified Public Accountants offers the following definition of Financial Accounting Standards in a way that is easy for anybody to understand: Official promulgations, known as STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS, by the FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) which are part of GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) in the United States.