The Financial Accounting Standards Board (FASB) Web Page, www.fasb.org is a site published by FASB.  The Securities and Exchange Committee has delegated FASB with the authority of establishing generally accepted accounting standards (GAAP.)  The FASB Web Sites main purpose is to provide information on meetings, current projects, and Statements of Financial Accounting Standards (SFAS.)   Accountants would find the information on SFAS to be the most useful.

The web site has a summary of each SFAS and news related to FASB and SFAS.  The summaries are located by clicking on publications and then summaries/status.  They offer guidance to accountants in all areas of financial accounting.  Examples of the statements include ‘Statement No. 133: Accounting for Derivative Instruments and Hedging Activities’ and ‘Statement No. 124: Accounting for Certain Investments Held by Non-Profit Organizations.’  These statements are summarized in usually one to two pages.  The news section, located at the news center link, has information on the newly released statements and how they might affect a company.  It also has information on proposed statements.  Examples on September 19 include ‘FASB issues statement on ‘Asset Retirement Obligations’ and ‘FASB Proposal Would Amend Accounting for Certain Costs and Activities Related to Property, Plant, and Equipment.’

The website is best tool on the Internet for an accountant trying to figure out to account for a certain activity.  The site is limited though; the summaries are only a page to two pages and are not regularly updated.  While an accountant might not find exactly how to treat a certain activity it still provides general details and a starting reference point.