Financial Accounting Foundation

About Financial Accounting Foundation

Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit company based in Norwalk, Connecticut, responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

The FASB and GASB establish and improve financial accounting and reporting standards – known as Generally Accepted Accounting Principles, or GAAP – for public and private companies, not-for-profit organizations, and state and local authorities in the United States.

The FAF directs the effective, efficient, and appropriate stewardship of the FASB and GASB in carrying out their missions; selects and appoints FASB and GASB members and their advisory councils; oversees the Boards’ activities and due process, and promotes and protects the independence of the Boards.

The FAF Board of Trustees comprises 14-18 members from varied backgrounds—users, preparers, and auditors of financial statements; state and local government officials; academics; and regulators.

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Company Info

Year Founded 1972
Number of Employees 50 - 99
Minimal Budget $1,000 - $10,000

Our Location

401 Merritt 7, Norwalk , Conneticut 06856 , United States