Wikipedia Article


Publication: 2010-12-06



Name:Owen Ambur


Name:Financial Accounting Foundation


The Financial Accounting Foundation (FAF) is located in Norwalk, Connecticut. It was organized in 1972 as a non-stock, Delaware Corporation. It is an independent, organization in the private sector. They need to be independent in order to ensure objectivity and integrity in reporting standards. They operate four branches in their organization. They operate the FASB, GASB, Financial Accounting Standards Advisory Council (FASAC), and the Governmental Accounting Standards Advisory Council (GASAC). The FASAC is composed of FASB constituents and consult with FASB on issues. The GASAC is composed of GASB constituents and consult with GASB on issues. The FAF Board of Trustees is made up of members from constituent organizations having interest in financial reporting. There are currently five officers and fourteen trustees. The FAF operates seven committees, the Executive Committee, the Development Committee, the Appointments and Evaluations Committee, the Finance and Compensation Committee, the Audit Committee, the Standard-Setting Process Oversight Advisory Committee, and the Corporate Governance Committee.


  • American Accounting AssociationConstituent organization

  • American Institute of Certified Public AccountantsConstituent organization

  • CFA InstituteConstituent organization

  • Financial Executives InternationalConstituent organization

  • Government Finance Officers AssociationConstituent organization

  • Institute of Management AccountantsConstituent organization

  • National Association of State Auditors, Comptrollers and TreasurersConstituent organization

  • Securities Industry and Financial Markets AssociationConstituent organization