FASB - see FINANCIAL ACCOUNTING STANDARDS BOARD.
FEDERAL FUNDS - (Fed. Funds) commercial bank market where banks in need of a short term loan to meet regulatory reserve requirements can borrow from other banks with excess funds. The Fed. Funds rate is the interest rate amount charged on these loans.
FEDERAL RESERVE BOARD - the Federal Reserve's duties fall into four general areas:
- (1) conducting the nation's monetary policy;
- (2) supervising and regulating banking institutions and protecting the credit rights of consumers;
- (3) maintaining the stability of the financial system;
- (4) providing certain financial services to the U.S. government, the public, financial institutions, and foreign official institutions.
FINANCIAL ACCOUNTING STANDARDS BOARD - (FASB) a private, industry-sponsored organization.
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports. They are officially recognized as authoritative by the Securities and Exchange Commission (Financial Reporting Release No. 1, Section 101) and the American Institute of Certified Public Accountants (Rule 203, Rules of Conduct, as amended May 1973 and May 1979).
The mission of the FASB is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. The FASB serves the investing public through transparent information resulting from high-quality financial reporting standards, developed in an independent, private-sector, open due process.
The SEC has statutory authority to establish financial accounting and reporting standards for publicly held companies under the Securities Exchange Act of 1934. Throughout its history, however, the Commission's policy has been to rely on the private sector for this function to the extent that the private sector demonstrates ability to fulfill the responsibility in the public interest.
FINRA - The Financial Industry Regulatory Authority - The Financial Industry Regulatory Authority (FINRA), is the largest non-governmental regulator for all securities firms doing business in the United States. All told, FINRA oversees nearly 5,100 brokerage firms, about 173,000 branch offices and more than 665,000 registered securities representatives.
Created in July 2007 through the consolidation of NASD and the member regulation, enforcement and arbitration functions of the New York Stock Exchange, FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services.