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.
The first priority of the Financial Accounting Standards Board (FASB) is to improve financial reporting for the benefit of investors and other users of financial information in U.S. capital markets. We do that by striving to set the highest-quality standards, which collectively are known as Generally Accepted Accounting Principles (GAAP).