The Financial Accounting Standards Board (FASB) is an independent organization responsible for establishing and improving financial accounting and reporting standards in the United States. It aims to ensure that financial statements are transparent, consistent, and useful for investors, creditors, and other stakeholders. FASB develops the Generally Accepted Accounting Principles (GAAP), which provide guidelines for how financial transactions should be recorded and reported. By setting these standards, FASB helps maintain trust in the financial reporting process and supports the overall stability of the financial system.