Founded in 1972, the Financial Accounting Standards Board also known as FASB is the independent, private-sector organization with responsibility for the oversight, administration and finances of the Financial Accounting Standards Board, the Governmental Accounting Standards Board, and their advisory councils. Its advisory councils include the Financial Accounting Standards Advisory Council and the Governmental Accounting Standards Advisory Council. The Financial Accounting Standards Board is the designated organization in the private sector for establishing standards of financial accounting and reporting. It establishes those standards that govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. The Financial Accounting Standards Board s standards are essential to the efficient functioning of the economy as investors, creditors, auditors and others rely on credible, transparent and comparable financial information. It is located in Norwalk, Conn.