FASB stands for Financial Accounting Standards Board.
The FASB publishes the GAAP principles that are accepted by the SEC. Organized in 1973, FASB is a private-sector group with no actual legal authority. It is composed of five members with five year terms who come from auditing, corporate accounting, financial services, or academic backgrounds. Working from Norwalk, Connecticut, it is funded by fees levied on public companies by the Sarbanes- Oxley Act. Their mission is to study accounting issues and set standards that are fair to business, government, and the general public.