FASB, or the Financial Accounting Standards Board, is an independent organization that sets accounting standards for the United States. There are several synonyms for FASB, including the US GAAP (Generally Accepted Accounting Principles) Board, the Accounting Principles Board (APB), and the Financial Accounting Standards Advisory Council (FASAC). These associations aim to ensure that accounting standards are consistent and transparent, providing users with useful financial information about the company. The FASB has been instrumental in establishing numerous accounting principles that have enabled companies to better measure and disclose their financial status, including rules for asset and liability recognition, revenue recognition, and stock-based compensation.