The seven members of the FASB serve full time and, to foster their independence, are required to sever connections with the firms or institutions they served before joining the Board. More information can be found in the Strategic Plan, at BOARD MEMBERS The FAF Trustees are responsible for providing oversight and promoting an independent and effective standard-setting process.The FAF management is responsible for providing strategic counsel and services that support the work of the standard-setting Boards.The FASB and the GASB are charged with setting the highest-quality standards through a process that is robust, comprehensive, and inclusive.The FASB, the GASB, the FAF Trustees, and the FAF management contribute to the collective mission according to each one’s specific role: The collective mission of the FASB, the GASB, and the FAF is to establish and improve financial accounting and reporting standards to provide useful information to investors and other users of financial reports and educate stakeholders on how to most effectively understand and implement those standards. Established in 1972, the FAF is the independent, private-sector, not-for- profit organization based in Norwalk, Connecticut, responsible for the oversight, administration, financing, and appointment of the FASB and the Governmental Accounting Standards Board (GASB). The Financial Accounting Foundation (FAF) supports and oversees the FASB. 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. ![]() FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). Securities and Exchange Commission as the designated accounting standard setter for public companies. Established in 1973, the Financial Accounting Standards Board (FASB) is the independent, private- sector, not-for-profit 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).
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