The Federal Accounting Standards Advisory Board [FASAB] Law and Legal Definition

The Federal Accounting Standards Advisory Board (FASAB) is an independent, non-partisan federal advisory committee that develops federal accounting standards to determine government's accountability and efficiency and the consequences of the various uses of federal funds. In the U.S., the state and local governments follow the standards created by the Governmental Accounting Standards Board (GASB), while the federal government reports according to the standards set by the FASAB. The FASAB also advises government financial agencies on implementing proper accounting standards. It is funded by the Treasury, the Office of Management and Budget (OMB), and the General Accounting Office (GAO).