The Financial Accounting Standards Board (FASB) establishes and improves financial accounting and reporting standards for private companies and nonprofit organizations in the United States. FASB standards aim to ensure transparency, consistency, and comparability in financial statements, which helps investors, creditors, and other stakeholders make informed decisions. By providing a framework for accurate reporting, FASB standards contribute to the integrity of financial markets and the overall efficiency of the economy. Regular updates and amendments to these standards reflect evolving business practices and the need for improved financial reporting in a dynamic economic landscape.