Page "Generally Accepted Accounting Principles (United States)" Paragraph 39

< ul > Realizing the need to reform the APB, leaders in the accounting profession appointed a Study Group on the Establishment of Accounting Principles ( commonly known as the Wheat Committee for its chair Francis Wheat ).

This group determined that the APB must be dissolved and a new standard-setting structure be created.

This structure is composed of three organizations: the Financial Accounting Foundation ( FAF, it selects members of the FASB, funds and oversees their activities ), the Financial Accounting Standards Advisory Council ( FASAC ), and the major operating organization in this structure the Financial Accounting Standards Board ( FASB ).

FASB has 4 major types of publications: