According to the delineation of FASB, which organization does it report to?

The Financial Accounting Standards Board (FASB) is an independent organization dedicated to establishing financial accounting and reporting standards in the United States. It reports to the Financial Accounting Foundation (FAF), which is the oversight body responsible for the governance and funding of FASB. The FAF ensures that FASB can operate effectively in setting and improving financial reporting standards to enhance the clarity and usefulness of financial statements.

The relationship between FASB and FAF is crucial, as FAF provides the necessary resources and support to FASB, allowing it to carry out its mission of enhancing financial reporting. This structure is key to maintaining the integrity and relevance of financial accounting standards in the U.S.

The other organizations mentioned, such as the U.S. Treasury Department, are involved in broader financial and economic policy areas but do not have specific governance or reporting oversight related to FASB. The Securities and Exchange Commission (SEC) plays a major role in regulating financial markets and enforcing compliance with financial reporting, but FASB operates independently and reports to FAF. The International Accounting Standards Board (IASB) focuses on global accounting standards and works separately from FASB, which primarily focuses on U.S. standards. Thus, the accurate reporting relationship is with the Financial Accounting