Financial Accounting Foundation Releases Draft Strategic Plan for Public Comment
Norwalk, CT—May 24, 2022—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced it has released its draft strategic plan and is inviting public and stakeholder input on the plan’s contents.
Interested parties can view and download the plan at this page on the FAF website. Comments can be submitted via the dedicated website or by sending an email to firstname.lastname@example.org. The deadline for comments is July 22, 2022.
“We are pleased to expose this strategic plan for public comment and see this as a vital part of our planning process,” said FAF Chair Kathleen L. Casey. “Stakeholder input is essential to the success of our organization and to our duty to sustain the integrity of the standard-setting processes of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).”
The draft plan includes the FAF’s mission and vision statements and describes six overarching goals for the organization. Among these are commitments to:
- Champion the value of independent standard setting
- Sustain the relevance of the information generated by Generally Accepted Accounting Principles (GAAP)
- Demonstrate leadership in global financial reporting
- Invest in technology to support more effective standard setting.
Following the public comment period, the FAF Board of Trustees will meet to consider the public input. The Trustees intend to publish the final document later this year.
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. You can learn more about the FAF at www.accountingfoundation.org.