Financial Accounting Foundation


Financial Accounting Foundation
FAF The U.S. organization responsible for overseeing *financial reporting standards. Founded in 1972, the FAF has overseen both the *Financial Accounting Standards Board (FASB) and its *public sector equivalent, the *Governmental Accounting Standards Board (GASB). The FAF appoints the members and advisory councils of both standard-setting bodies. The FAF’s own board of trustees are nominated by a number of organizations, including the *American Accounting Association and the *American Institute of Certified Public Accountants. Prior to 2003, the FAF was also responsible for the funding of both the FASB and the GASB. However, following the mandatory funding model requirements of listed corporations introduced by the *Sarbanes-Oxley Act of 2002, the FAF has stopped offering membership in support of the FASB. It will allow existing memberships to expire. The FAF has, however, retained funding responsibilities for the GASB. Web site: www.fasb.org/faf

Auditor's dictionary. 2014.

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