Who does the FASB primarily serve?

The correct answer is that the Financial Accounting Standards Board (FASB) primarily serves the private sector financial community. The FASB is an independent organization responsible for establishing accounting and financial reporting standards for companies and organizations in the United States that are not government entities. Their role is crucial in providing transparency, consistency, and comparability in financial statements, which in turn fosters trust and integrity in the financial reporting process among investors, creditors, and other stakeholders within the private sector.

The standards developed by FASB are designed to ensure that financial information is reported accurately and in a way that is useful for making economic decisions. This focus on the private sector distinguishes it from other organizations, such as those focusing specifically on government finance or public sector entities, which have different requirements and standards to adhere to.