Financial Accounting Foundation
Encyclopedia
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.
The foundation is responsible for http://www.fasb.org/faf/faf_info.shtml:
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. These constituent organizations include:
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.
Norwalk
Norwalk is the name of several places in the United States of America:*Norwalk, California, a suburb of Los Angeles*Norwalk, Connecticut, a city in southwestern Connecticut that contains several neighborhoods including Central Norwalk, East Norwalk, South Norwalk, and West Norwalk** The Norwalk...
, Connecticut
Connecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
. It was organized in 1972 as a non-stock, Delaware Corporation
Delaware corporation
The Delaware General Corporation Law is the statute governing corporate law in the state of Delaware. Delaware is well known as a corporate haven. Over 50% of U.S...
. It is an independent, organization in the private sector. They need to be independent in order to ensure objectivity and integrity in reporting standards.
The foundation is responsible for http://www.fasb.org/faf/faf_info.shtml:
- Establishing and improving financial accounting and reporting standards;
- Educating constituents about those standards;
- The oversight, administration, and finances of its standard-setting Boards, the Financial Accounting Standards BoardFinancial Accounting Standards BoardThe Financial Accounting Standards Board is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles within the United States in the public's interest...
(FASB) and the Governmental Accounting Standards BoardGovernmental Accounting Standards BoardThe Governmental Accounting Standards Board is currently the source of generally accepted accounting principles used by State and Local governments in the United States of America...
(GASB), and their Advisory Councils; - Selecting the members of the standard-setting Boards and Advisory Councils; and
- Protecting the independence and integrity of the standard-setting process.
They operate four branches in their organization. They operate the FASB, GASB
GASB
GASB may refer to:* Governmental Accounting Standards Board * Gallium antimonide...
, 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. These constituent organizations include:
- American Accounting AssociationAmerican Accounting AssociationThe American Accounting Association is an "organization of persons interested in accounting education and research". It was formed in 1916. Its main publication, The Accounting Review, was first published in 1926. It is the principal professional association of accounting academics in the United...
- American Institute of Certified Public AccountantsAmerican Institute of Certified Public AccountantsFounded in 1887, the American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States, with more than 370,000 CPA members in 128 countries in business and industry, public practice, government, education, student...
- CFA InstituteCFA InstituteCFA Institute is headquartered in the United States of America at Charlottesville, Virginia, with offices in Hong Kong and London. Formerly known as the Association for Investment Management and Research , CFA Institute awards the Chartered Financial Analyst designation...
- Financial Executives International
- Government Finance Officers Association
- Institute of Management AccountantsInstitute of Management AccountantsInstitute of Management Accountants is a professional organization headquartered in Montvale, New Jersey more than 60,000 professionals worldwide...
- National Association of State Auditors, Comptrollers and Treasurers
- Securities Industry and Financial Markets AssociationSecurities Industry and Financial Markets AssociationThe Securities Industry and Financial Markets Association is a leading securities industry trade group representing securities firms, banks, and asset management companies in the U.S. and Hong Kong. SIFMA was formed on November 1, 2006, from the merger of The Bond Market Association and the...
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.