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.
Statement of Financial Accounting Standard 117 âFinancial Statements of Not-for-Profit Organizationsâ (FASB117) is the primary guidance relating to the financial statements of not-for-profit organizations (NFPs). The Financial Accounting Standards Board issued it in 1993.