FAF 50TH ANNIVERSARY

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A Message from FAF Executive Director

50 Years of Safeguarding Independent Standard-Setting

We are honored to mark this important milestone in FAF history, and to continue to support our standard-setting boards as they, and we, collectively fulfill our mission to establish and improve financial accounting standards for the world’s largest capital market.

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Standards That Work

The FAF Provides effective, efficient, and appropriate stewardship of the FASB and GASB to assist them in carrying out their collective mission to establish and improve financial accounting and reporting standards, to provide useful information to investors and other users of financial reports, and to educate stakeholders on how to most effectively understand and implement those standards.
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How We're Funded

Independent, reliable funding safeguards the ability of the FASB and the GASB to set standards in an environment free from real or perceived conflicts of interest.
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THE IMPORTANCE OF GAAP

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Why do we need Generally Accepted Accounting Principles (GAAP)? This short video provides the answer for those who are new to the work of the FAF, the FASB, and the GASB. False
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MEET THE TRUSTEES

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The FAF Board of Trustees comprises 14-18 members from varied backgrounds—users, preparers, and auditors of financial statements; state and local government officials; academics; and regulators.
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INDEPENDENCE & DUE PROCESS

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Financial reporting—balance sheets—income statements—financial notes and disclosures—is the language we use to communicate information about the financial condition of a company, public or private, a not-for-profit organization, or a state or local government.
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