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.
This evaluation happens on a standard by standard basis. The FASB participates actively in the development of IFRS, providing input on IASB projects through the IASBâs Accounting Standards Advisory Forum (ASAF) and through other means.