What is the primary purpose of the Financial Accounting Standards Board (FASB)?

Question

Conduct financial investigations of publicly traded companies

Audit financial statements

Establish and improve the Generally Accepted Accounting Principles (GAAP) within the United States

Establish accounting systems for businesses

Answer 1

The primary purpose of the Financial Accounting Standards Board (FASB) is to establish and improve the Generally Accepted Accounting Principles (GAAP) within the United States.