From Longman Business DictionaryFinancial Accounting Standards BoardFiˌnancial Acˌcounting ˈStandards ˌBoard abbreviation FASB noun ACCOUNTINGORGANIZATIONSthe organization that sets the standard rules for ACCOUNTING in the US. These rules are referred to as the GENERALLY ACCEPTED ACCOUNTING PRINCIPLESThe Financial Accounting Standards Board has adopted a less complex rule on deferred taxes. → see also Accounting Standards Board
