The mission of the FAF is to provide effective, efficient, and appropriate stewardship of the following:

• the Financial Accounting Standards Board (FASB), the organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP)
• the Governmental Accounting Standards Board (GASB), the independent, private-sector organization that establishes accounting and financial standards for US state and local governments that follow GAAP

The FAF assists these standards boards in their shared endeavor to establish and improve financial accounting and reporting standards, provide useful information to investors and other users of financial reports, and educate stakeholders on how to interpret and implement those standards most effectively.

The 2020 Annual Report features the following key elements:

• an overview of the boards’ outreach to, engagement with, and support for stakeholders, including measures taken to alleviate the unexpected challenges the year presented. The boards sought to lessen the impact of the COVID-19 pandemic by monitoring and responding to the situation as it developed. During this time, the FAF provided technical assistance, delayed standards implementations, and consistently made stakeholder needs the main concern.
• management’s complete 2020 discussion and analysis in addition to its audited financial statements (previously posted to the FAF website)
• letters from FASB, GASB, and FAF leadership

The annual report is available online in three formats: a downloadable PDF file, an interactive digital version, and a mobile-friendly version.

For more information, including complete lists of all members, visit the following webpages: FASB Advisory Groups, GASB Advisory Council, Emerging Issues Task Force, and the Private Company Council. This information may also be found within the report. 

Sources:

FAF Issues 2020 Annual Report, “Standards That Work from Main Street to Wall Street” (accountingfoundation.org)

2020 Annual Report, “Standards That Work from Main Street to Wall Street” (accountingfoundation.org)