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FAF strategic plan confirms that convergence may happen in instances but is not a top priority for the FASB

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

Apr 10, 2015

The Financial Accounting Foundation (FAF) board of trustees has approved a final version of the strategic plan for the FAF, the Financial Accounting Standards Board (FASB), and the Governmental Accounting Standards Board (GASB), which outlines the three organizations' long-term vision and goals.

As stressed before, the strategic plan confirms that the FASB's overall strategy is to improve financial reporting in general, but that in doing so "the FASB will first consider the best interests of those who provide capital to companies and not-for-profit organizations (investors, lenders, other creditors, and donors) both in the U.S. and other markets that use or reference Generally Accepted Accounting Principles (GAAP)". However, the plan adds that the FASB will continue to work with other standard-setters internationally, though still with the topmost priority of improving the quality of US GAAP.

Please click to access the following information on the FAF and FASB websites:

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