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What are the responsibilities of the Financial Accounting Standards Board (FASB)?

The Financial Accounting Standards Board (FASB) was established in 1973 and has since determined GAAP. The FASB is a private-sector body that establishes GAAP for businesses within the United States. This principles and accounting standards that are set forth by the FASB should be deemed unbiased or in favor of any specific industry and should purely be for the overall benefit of the financial statement users (e.g. investors, creditors, lenders).

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