What purpose do GAAP and FASB serve for a small business owner?

Question:

What purpose do and FASB serve for a small business owner?

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...