What is the meaning of Financial Accounting Standards Board (FASB)?

This independent, self-regulatory board establishes and interprets generally accepted accounting principles (GAAP). It operates under the principle that the economy in general and the financial services industry in particular work smoothly when credible, concise, and understandable financial information is available. The FASB periodically revises its rules to make sure corporations fully account for different kinds of income, avoid shifting income from one period to another, and properly categorize their income.