NEWS RELEASE 11/17/22
Financial Accounting Foundation Publishes New Strategic PlanNorwalk, CT, November 17, 2022—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced it has released the final version of its new strategic plan. The public can view and download the plan from the FAF website. The FAF is the organization that oversees the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
The document articulates the vision, mission, and values of the FAF, and outlines the strategic goals that the organization will address for the next several years. These include:
- In service to the public interest, promote the importance of independent standard setting to capital markets
- Ensure financial accounting and reporting standards advance as needed
- Incorporate new and further embrace existing technologies to make the standard-setting process more effective and productive, from initial stakeholder input through the delivery and consumption of standards
- Build on our commitment to greater diversity, equity, and inclusion
- Exhibit leadership in global financial reporting
- Engage with stakeholders, regulators, and Congress to determine the appropriate way, if any, for the organization to contribute to future sustainability reporting.
Casey expressed her thanks to the hundreds of stakeholders who provided virtual or in-person input to the planning team, and to the two dozen organizations and individuals who sent formal comment letters in response to a draft version of the plan released earlier this year.
“Stakeholder views are central to our process and this plan directly addresses the thoughtful feedback we received from stakeholders through the comment letters, our online survey, and dozens of individual interviews,” Casey said.
Now that the plan is complete, the organization will use the FAF annual report, published each year in May, to provide stakeholders with yearly updates on its progress toward the plan’s goals.
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is an independent, private-sector, not-for-profit organization based in Norwalk, Connecticut. Its Board of Trustees is responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
The FASB and GASB (collectively, “the Boards”) establish and improve financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP—for public and private companies, not-for-profit organizations, and state and local governments in the United States. Both Boards set high-quality standards through a process that is robust, comprehensive, and inclusive. The FASB is responsible for standards for public and private companies and not-for-profit organizations, whereas the GASB is responsible for standards for state and local governments.
The Foundation’s Board of Trustees comprises 14–18 members from varied backgrounds—users, preparers, and auditors of financial reports; state and local government officials; academics; and regulators. The Trustees direct the effective, efficient, and appropriate stewardship of the FASB and GASB in carrying out their complementary missions, select and appoint FASB and GASB members and their advisory councils, oversee the Boards’ activities and due process, and promote and protect the independence of the Boards. For more information, visit www.accountingfoundation.org.