Certified Valuation Analyst (CVA) Practice Exam 2025 – Your All-in-One Guide to Exam Success!

The Financial Accounting Standards Board (FASB) is the organization responsible for establishing the generally accepted accounting principles (GAAP) in the United States, which includes setting standards for financial reporting and valuation. FASB's guidelines ensure consistency and transparency in how financial information is reported, and it outlines the framework for determining the value of assets and liabilities for financial statements.

By setting the standard of value for financial reporting, FASB influences how entities recognize, measure, and disclose financial information, ensuring that investors and other stakeholders have access to reliable financial data. This standardization is crucial for maintaining the integrity of financial markets and helps to promote trust in the financial reporting process.

Other agencies, like the SEC, the IRS, and the GAO, have distinct roles such as overseeing securities markets, tax collection, and government accountability, respectively, but they do not directly set the standards for financial reporting valuations.