Financial Accounting Standards Board is an independent body of accountants. It is responsible for establishing, interpreting, and improving standards for financial accounting and reporting. FASB is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB to set accounting standards for public companies in the U.S. It was created in 1973.