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Accounting Information > Governing Bodies and Regulations > FASB
FASB - Financial Accounting Standards Board

The Financial Accounting Standards Board, or FASB, is an authoritative body for the accounting profession. FASB establishes and publishes accounting standards to guide the accounting profession. Many different types of pronouncements are issued by the Financial Accounting Standards Board. These include Statements of Financial Accounting Standards (FAS), Statements of Financial Accounting Concepts (SFAC), Interpretations (FIN), Technical Bulletins (FTB), Implementation Guides, Invitations to Comment, Research Reports, Discussion Memorandums, and Special Reports.


These different types of pronouncements have been issued for all of the major accounting procedures and topics. The pronouncements related to accounting changes include FAS 3, Reporting Accounting Changes in Interim Financial Statements; FAS 73, Reporting a Change in Accounting for Railroad Track Structures; FAS 111, Rescission of FASB Statement No. 32 and Technical Corrections; FIN 1, Accounting Changes Related to the Cost of Inventory; and FIN 20, Reporting Accounting Changes under AICPA Statements of Position. As this list indicates, FASB issues pronouncements on many sub-topics under one main topic.

The topic of balance sheet classification also includes GAAP pronouncements of different varieties. The Statements of Financial Accounting Standards included on this principle are FAS 6, Classification of Short-Term Obligations Expected to Be Refinanced; FAS 43, Accounting for Compensated Absences; and FAS 78, Classification of Obligations That Are Callable by the Creditor. The interpretations on this topic are FIN 8, Classification of a Short-Term Obligation Repaid Prior to Being Replaced by a Long-Term Security; and FIN 39, Offsetting of Amounts Related to Certain Contracts.

The capitalization of interest costs is another area that contains both FASB Statements of Financial Accounting Standards and FASB Interpretations. The Statements of Financial Accounting Standards involved are FAS 34, Capitalization of Interest Cost; FAS 42, Determining Materiality for Capitalization of Interest Cost; FAS 58, Capitalization of Interest Cost in Financial Statements That Include Investments Accounted for by the Equity Method; and FAS 62, Capitalization of Interest Cost in Situations Involving Certain Tax-Exempt Borrowings and Certain Gifts and Grants. The Interpretation dealing with this topic is FIN 33, Applying FASB Statement No. 34 to Oil and Gas Producing Operations Accounted for by the Full Cost Method.

Another example of an accounting principle that has GAAP pronouncements of different types issued by FASB is that of accounting for leases. There are eight Statements of Financial Accounting Standards on this topic, including FAS 13, Accounting for Leases; FAS 23, Inception of the Lease; FAS 28, Accounting for Sales with Leasebacks; and FAS 91, Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Initial Direct Costs of Leases. Six FASB Interpretations deal with this topic, including FIN 19, Lessee Guarantee of the Residual Value of Leased Property; FIN 21, Accounting for Leases in a Business Combination; and FIN 24, Leases Involving Only Part of a Building.

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