FAF/FASB/GASB Strategic Plan
(l. to r.) FAF Chairman Jeffrey J. Diermeier, GASB Chairman David A. Vaudt, FAF President & CEO Teresa S. Polley, FASB Chairman Russell G. Golden
The Financial Accounting Foundation (FAF), the Financial Accounting Standards Board (FASB), and the Governmental Accounting Standards Board (GASB), working jointly, have developed a strategic plan to articulate the long-range vision and mission of each of the groups and the organization collectively.
This plan represents an evolution and a refinement of previous plans and mission statements developed by the groups. The language and content will be familiar to those who have followed the work of the FAF, the FASB, and the GASB.
Our collective vision is to be a recognized leader in financial accounting and reportingThe FAF is the independent, private-sector, not-for-profit organization responsible for establishing and improving financial accounting and reporting standards for companies—both public and private, not-for-profit organizations, and state and local governments. The FAF comprises the FAF Board of Trustees, two standard-setting Boards (the FASB and the GASB), and the FAF management team.
Our collective mission 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.
The strategic plan affirms the discrete, individual roles of the groups comprising the FAF, while describing the overarching vision and mission that we share. The plan recognizes that the FASB and the GASB are solely responsible for developing and establishing financial accounting and reporting standards. The plan also recognizes that the role of the FAF management team is to provide strategic counsel and services that support the mission, activities, and independence of the FASB and the GASB. The FAF Trustees are responsible for overall governance of the FAF, oversight of the FASB and the GASB, and for protecting the independence of the standard-setting process, while also respecting that independence.
Together, the FASB, the GASB, and the FAF management, according to their specific roles, work to achieve their collective objective of developing the highest-quality financial accounting standards—standards that promote financial reporting that provides investors, lenders, taxpayers, public officials, and other users of financial statements with a clear understanding of the financial performance and position of companies—both public and private; not-for-profit organizations; and state and local governments. The plan recognizes that a second critical element of our collective mission is to foster better understanding among stakeholders—those who use, prepare, and audit financial statements—as to how those standards should be applied and implemented.
The strategic plan also describes four goals that, if achieved, will enable the FASB, the GASB, the FAF Trustees, and the FAF management to realize our collective vision and fulfill our collective mission:
- Practicing and promoting continued excellence in standard setting
- Demonstrating a commitment to leadership in standard setting
- Building and maintaining trust with stakeholders
- Promoting public discourse on current and future financial reporting issues