The Financial Accounting Standards Board (FASB) is an independent, private-sector organization that establishes financial accounting and reporting standards for U.S. companies. It plays a crucial role in the development of generally accepted accounting principles (GAAP) and is essential in distinguishing the differences between U.S. GAAP and International Financial Reporting Standards (IFRS). FASB's influence extends to corporate governance, compliance requirements, and the reporting practices of controlled foreign corporations.
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