Name:Federal Accounting Standards Advisory Board
Acronym:FASAB
Description:
The Mission Supports Public Accountability -- Financial reports, which include financial statements prepared in conformity
with generally accepted accounting principles, are essential for public accountability and for an efficient and effective
functioning of our democratic system of government. Thus, the Board plays a major role in fulfilling the government’s responsibility
to be publicly accountable. Federal financial reports should be useful in assessing (1) the government’s accountability and
its efficiency and effectiveness, and (2) the economic, political, and social consequences, whether positive or negative,
of the allocation and various uses of federal resources.
