Definition of genre. 1  1 : a category of artistic, musical, or literary composition characterized by a particular style, form, or content a classic of the gothic novel genre. 2  2 : kind, sort. 3  3 : painting that depicts scenes or events from everyday life usually realistically.
In 1973, the Accounting Principles Board was replaced by the Financial Accounting Standards Board (FASB) under the supervision of the Financial Accounting Foundation with the Financial Accounting Standards Advisory Council serving to advise and provide input on the accounting standards.
FASB ASC, however, is not the official source of SEC guidance and does not contain the entire population of SEC rules, regulations, interpretive releases and staff guidance. FASB ASC also does not include governmental accounting standards. ASC is not intended to change GAAP or any requirements of the SEC.