FASB Standards
FASB Standards refer to the accounting principles and guidelines established by the Financial Accounting Standards Board (FASB), a private, non-profit organization that sets Generally Accepted Accounting Principles (GAAP) in the United States. These standards provide a framework for financial reporting, ensuring consistency, transparency, and comparability in financial statements for businesses and organizations. They cover various aspects such as revenue recognition, lease accounting, and financial instruments.
Developers should learn FASB Standards when working on financial software, accounting systems, or applications that involve financial data processing and reporting, as compliance with GAAP is often required for regulatory and investor purposes. This knowledge is crucial for roles in fintech, enterprise resource planning (ERP) systems, or any project where accurate financial data modeling and reporting are essential to meet legal and business standards.