Name:Financial Accounting Foundation
Acronym:FAF
Description:
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.
Stakeholder(s):
- American Accounting Association: Constituent organization
- American Institute of Certified Public Accountants: Constituent organization
- CFA Institute: Constituent organization
- Financial Executives International: Constituent organization
- Government Finance Officers Association: Constituent organization
- Institute of Management Accountants: Constituent organization
- National Association of State Auditors, Comptrollers and Treasurers: Constituent organization
- Securities Industry and Financial Markets Association: Constituent organization
