The term MIS' FOLLOWERS can be summarized as 'FAS', which stands for Financial Accounting Standards. Financial Accounting Standards are a set of standards and principles that companies must adhere to when preparing their financial statements. These standards are issued by the Financial Accounting Standards Board (FASB), an independent organization that sets accounting standards in the United States. The FASB's mission 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.