The Financial Accounting Foundation (FAF) is located in

Norwalk, Connecticut , image_map = Fairfield County Connecticut incorporated and unincorporated areas Norwalk highlighted.svg , mapsize = 230px , map_caption = Location in Fairfield County, Connecticut, Fairfield County and ...

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

. It was organized in 1972 as a non-stock, Delaware Corporation. It is an independent organization in the private sector, operating with the goal of ensuring objectivity and integrity in financial reporting standards. The foundation is responsible for: * 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 Board The Financial Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securi ...

(FASB) and the

Governmental Accounting Standards Board The Governmental Accounting Standards Board (GASB) is the source of generally accepted accounting principles (GAAP) used by state and local governments in the United States. As with most of the entities involved in creating GAAP in the United Stat ...

(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. FAF operates four branches in its organization: *

FASB The Financial Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Sec ...

* GASB * The Financial Accounting Standards Advisory Council (FASAC). This branch is composed of FASB constituents and consults with FASB on issues. * The Governmental Accounting Standards Advisory Council (GASAC). This branch is composed of GASB constituents and consults 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 Association The American Accounting Association (AAA) promotes accounting education, research and practice. Founded in 1916 as the American Association of University Instructors in Accounting, its present name was adopted in 1936. The Association is a volunt ...

* American Institute of Certified Public Accountants *

CFA Institute The CFA Institute is a global, not-for-profit professional organization that provides investment professionals with finance education. The institute aims to promote standards in ethics, education, and professional excellence in the global investme ...

Financial Executives International Financial Executives International (FEI) is a member-service–oriented organization based in Morristown, New Jersey, for senior-level financial executives in companies in varying sizes, both public and private, and in all industries. FEI operates ...

* Government Finance Officers Association *

Institute of Management Accountants The Institute of Management Accountants (IMA), formerly known as the National Association of Cost Accountants (NACA), is a professional organization of accountants. History IMA was founded in 1919 in Buffalo, New York as the National Associ ...

*National Association of State Auditors, Comptrollers and Treasurers *

Securities Industry and Financial Markets Association The Securities Industry and Financial Markets Association (SIFMA) is a United States industry trade group representing securities firms, banks, and asset management companies. SIFMA was formed on November 1, 2006, from the merger of the Bond Mar ...

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 * the Corporate Governance Committee In February 2020, FAF appointed former acting president John Auchincloss as the foundation's executive director.

References

External links

* Accounting in the United States Self-regulatory organizations in the United States Companies based in Norwalk, Connecticut 1972 establishments in Connecticut {{US-org-stub