Which entity is referred to by the acronym FASAB?

The acronym FASAB stands for the Federal Accounting Standards Advisory Board, which is the entity responsible for providing guidance and establishing accounting standards for federal government entities in the United States. FASAB was established to improve financial reporting by federal agencies and to promote the accountability and transparency of government financial operations. This board develops the generally accepted accounting principles (GAAP) for federal financial reporting and is crucial in ensuring that federal financial statements are prepared consistently and accurately.

Recognizing the right entity is essential for understanding the framework that governs financial reporting within the federal government. FASAB not only sets standards but also helps ensure that these standards serve the needs of users of federal financial statements, including Congress, management, and the public. This is key for maintaining trust in government financial reporting and accountability.