Financial Accounting Foundation

The mission of the Financial Accounting foundation (FAF) is to establish and improve Financial Accounting and reporting standards, to provide useful information to investors and other users of Financial reports and to educate stakeholders on how to most effectively understand and implement those standards. The FAF, organized in 1972, is the independent, private-sector organization responsible for the oversight, administration, financing and appointment of the Financial Accounting standards board (fasb) and the governmental Accounting standards board (gasb), which were established to perform distinct functions in the process of establishing and improving Financial Accounting and reporting standards.