Harman Patil (Editor)

Financial Accounting Foundation

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Founded
  
1972

Financial Accounting Foundation mmsbusinesswirecommedia20161222005450en37029

Standard poor s backs the financial accounting foundation


The Financial Accounting Foundation (FAF) is located in Norwalk, Connecticut. It was organized in 1972 as a non-stock, Delaware Corporation. It is an independent organization in the private sector, operating with the goal of ensuring objectivity and integrity in financial reporting standards.

Contents

The foundation is responsible for [1]:

  • Establishing and improving financial accounting and reporting standards;
  • Educating constituents about those standards;
  • The oversight, administration, and finances of its standard-setting Boards, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), and their Advisory Councils;
  • Selecting the members of the standard-setting Boards and Advisory Councils; and
  • Protecting the independence and integrity of the standard-setting process.

    • FAF operates four branches in its organization:

  • FASB
  • GASB
  • The Financial Accounting Standards Advisory Council (FASAC). This branch is composed of FASB constituents and consults with FASB on issues.
  • The Governmental Accounting Standards Advisory Council (GASAC). This branch is composed of GASB constituents and consults with GASB on issues.

    • The FAF Board of Trustees is made up of members from constituent organizations having interest in financial reporting. These constituent organizations include:

  • American Accounting Association
  • American Institute of Certified Public Accountants
  • CFA Institute
  • Financial Executives International
  • Government Finance Officers Association
  • Institute of Management Accountants
  • National Association of State Auditors, Comptrollers and Treasurers
  • Securities Industry and Financial Markets Association

    • There are currently five officers and fourteen trustees. The FAF operates seven committees:

  • the Executive Committee
  • the Development Committee
  • the Appointments and Evaluations Committee
  • the Finance and Compensation Committee
  • the Audit Committee
  • the Standard-Setting Process Oversight Advisory Committee
  • the Corporate Governance Committee

    • Faf 101 what cpas should know about the financial accounting foundation


    References

    Financial Accounting Foundation Wikipedia
    (Text) CC BY-SA