| The Financial Accounting Standards Board is a major organization to develop Generally Accepted Accounting Principles in
the United States (US GAAP) along with
SEC, AICPA, and GASB. It was created in 1973 and replaced its predecessor, the Accounting Principles Board and the Committee on Accounting Procedure of the
American Institute of Certified Public Accountants, which was the
former's predecessor. The federal organization is responsible for maintaining independent standards in accounting, the powers of
which come from the Congress. Some of work is evaluating how financial workers should handle stock options. The board's current (2004) chairman is Robert H. Herz.
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