The draft plan recognizes that the FAF, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) have complementary missions, and a shared commitment to serve the needs of investors and other users of financial reports in the public interest. This draft strategic plan addresses goals that pertain to the FAF, whose activities broadly include appointing the members of the FASB and GASB (and their respective advisory councils), overseeing the standard-setting process, and providing certain support services to the FASB and GASB. The standard-setting Boards set their own technical agendas and are responsible for establishing and improving financial accounting and reporting standards in their respective domains.
Stakeholder input has been part of our planning process from the beginning. Our first step in launching this effort was to send out an online poll to thousands of stakeholders asking them to help us identify what our strategic priorities should be. We followed up by conducting in-depth interviews with leaders of many important stakeholder organizations to help us sharpen our focus. Only then did we begin our discussions in earnest, resulting in the draft plan that you can download from this page.
Following the public comment period, we will summarize all stakeholder input for our Board of Trustees to review and deliberate at its next meeting in August 2022. We expect to publish our final strategic plan before the end of the year.
Thank you for engaging with us in this important endeavor. We look forward to reading your thoughtful input.
Kathleen L. Casey, Chair
John W. Auchincloss, Executive Director
FAF’s draft strategic plan and invites stakeholder input.