What does FASB mean? Read on to discover the definition & meaning of the term FASB - to help you better understand the language used in insurance policies.
The Financial Accounting Standards Board (FASB) is an organization created in 1973 and tasked with creating standards for professional accountants. In the context of insurance, securities are often bought as investments as part of a life insurance plan. The company responsible for buying and reporting these security purchases must follow FASB guidelines.
We hope the you have a better understanding of the meaning of FASB.