Financial Accounting Foundation
Financial Accounting Foundation
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About this organization
Mission
THE MISSION OF THE FINANCIAL ACCOUNTING FOUNDATION (FAF) IS 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. THE FAF, ORGANIZED IN 1972, IS THE INDEPENDENT, PRIVATE-SECTOR ORGANIZATION RESPONSIBLE FOR THE OVERSIGHT, ADMINISTRATION, FINANCING AND APPOINTMENT OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) AND THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB), WHICH WERE ESTABLISHED TO PERFORM DISTINCT FUNCTIONS IN THE PROCESS OF ESTABLISHING AND IMPROVING FINANCIAL ACCOUNTING AND REPORTING STANDARDS.
About
FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)FINANCIAL ACCOUNTING STANDARDS ADVISORY COUNCIL (FASAC)ESTABLISHED IN 1973, THE FASB IS THE INDEPENDENT, PRIVATE-SECTOR ORGANIZATION, BASED IN NORWALK, CONNECTICUT, THAT ESTABLISHES FINANCIAL ACCOUNTING AND REPORTING STANDARDS FOR PUBLIC AND PRIVATE COMPANIES AND NOT-FOR-PROFIT ORGANIZATIONS THAT FOLLOW GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). THE FASB IS RECOGNIZED BY THE SECURITIES AND EXCHANGE COMMISSION AS THE DESIGNATED ACCOUNTING STANDARD SETTER FOR PUBLIC COMPANIES. FASB STANDARDS ARE RECOGNIZED AS AUTHORITATIVE BY MANY OTHER ORGANIZATIONS, INCLUDING STATE BOARDS OF ACCOUNTANCY AND THE AMERICAN INSTITUTE OF CPAS (AICPA). THE FASB DEVELOPS AND ISSUES FINANCIAL ACCOUNTING STANDARDS THROUGH A TRANSPARENT AND INCLUSIVE PROCESS INTENDED TO PROMOTE FINANCIAL REPORTING THAT PROVIDES USEFUL INFORMATION TO INVESTORS AND OTHERS WHO USE FINANCIAL REPORTS. THE FINANCIAL ACCOUNTING FOUNDATION (FAF) SUPPORTS AND OVERSEES THE FASB. THE FOLLOWING ARE SOME SPECIFIC ACCOMPLISHMENTS AND INITIATIVES IN 2018 RELATED TO THESE AGENDA ITEMS AND IMPROVING GAAP IN GENERAL. HOWEVER, FOR A COMPLETE AND DETAILED PICTURE OF THE WORK OF THE FASB, CURRENT AND COMPLETED PROJECTS, TIMETABLES AND OTHER INFORMATION, PLEASE VISIT FASB.ORG. IN ADDITION, THE FAF ANNUAL REPORT PROVIDES A HIGHLIGHT OF FASB'S 2018 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG.THE FASB COMPLETED A VARIETY OF PROJECTS TO IMPROVE ASPECTS OF GAAP, ISSUING 20 FINAL ACCOUNTING STANDARDS UPDATES (ASUS) IN 2018. AMONG THE MOST SIGNIFICANT OF THESE WERE ASUS ON ACCOUNTING FOR LONG-DURATION INSURANCE CONTRACTS AND ON GRANTS AND CONTRACTS, PRIMARILY TO NOT-FOR-PROFIT ENTITIES. THE FASB ALSO ISSUED 12 PROPOSED ASUS, SEVERAL OF WHICH RELATED TO IMPLEMENTATION MATTERS CONCERNING RECENTLY ISSUED STANDARDS ON REVENUE RECOGNITION, LEASES, AND CREDIT LOSSES. MOST OF THESE WERE SUBSEQUENTLY ISSUED AS FINAL ASUS IN 2018.THE PRIVATE COMPANY COUNCIL (PCC), CONTINUED ITS WORK WITH IMPROVEMENTS THAT ADDRESS THE NEEDS OF PRIVATE COMPANY USERS OF FINANCIAL STATEMENTS IN THE STANDARDS DEVELOPMENT PROCESS AND WERE INSTRUMENTAL IN ADVISING THE FASB ON A NUMBER OF ASUS. THE FASB CONTINUED WITH THE CONTINUED DEVELOPMENT OF THE GAAP FINANCIAL REPORTING TAXONOMY (TAXONOMY) FOR EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL). OUTREACH AND OTHER STAKEHOLDER COMMUNICATIONS CONTINUED TO BE EXTENSIVE WITH NUMEROUS MEETINGS WITH LIAISON GROUPS, REPRESENTATIVES OF USERS, PREPARERS, AND AUDITORS, AND OTHER STAKEHOLDERS. OUTREACH ACTIVITIES ALSO INCLUDES VARIOUS COMMUNICATIONS, EDUCATIONAL MATERIALS AND OTHER ACTIVITIES INCLUDING: * FASB MEMBERS AND STAFF DELIVERED SPEECHES AT 156 DIFFERENT CONFERENCES DURING THE YEAR * 79 PRESS RELEASES, MEDIA ADVISORIES AND TWEETS WERE SENT ON A VARIETY OF FASB STANDARD SETTING ACTIVITIES * 21 EDUCATIONAL WEBCASTS AND VIDEOS WERE PROVIDED.THE FASAC, WHICH COMPRISES 35 MEMBERS WHO REPRESENT A BROAD CROSS-SECTION OF THE FASB'S STAKEHOLDERS, MET FOUR TIMES IN 2018. THE PRIMARY FUNCTION OF FASAC IS TO ADVISE THE FASB ON ISSUES RELATED TO PROJECTS ON THE FASB'S AGENDA, POSSIBLE NEW AGENDA ITEMS, PROJECT PRIORITIES, PROCEDURAL MATTERS THAT MAY REQUIRE THE ATTENTION OF THE FASB, AND OTHER MATTERS AS REQUESTED.FASB'S OTHER ADVISORY GROUPS, INCLUDING THE INVESTOR ADVISORY COMMITTEE, THE NOT-FOR-PROFIT ADVISORY COMMITTEE, AND THE SMALL BUSINESS ADVISORY COMMITTEE, AND THE EMERGING ISSUES TASK FORCE ALL HELD MEETINGS IN 2018 TO SUPPORT THE EFFORTS OF THE FASB.
Interesting data from their 2019 990 filing
The filing clearly states the mission of the non-profit as “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.”.
When outlining its functions, they were explained as: “The mission of the financial accounting foundation (faf) is 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. the faf, organized in 1972, is the independent, private-sector organization responsible for the oversight, administration, financing and appointment of the financial accounting standards board (fasb) and the governmental accounting standards board (gasb), which were established to perform distinct functions in the process of establishing and improving financial accounting and reporting standards.”.
- In compliance with legal regulations, the non-profit has reported their state of operation as DE.
- The filing records the non-profit's address for 2019 as 401 MERRITT 7 PO BOX 5116, NORWALK, CT, 06856.
- As of 2019, the non-profit's form reports a total of 174 employees.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $4,609,600.
- The organization has 18 independent voting members.
- The organization was formed in 1972.
- The organization pays $39,936,423 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.
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