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Overview of the structure of the Financial Accounting Foundation and the FASB

The Financial Accounting Foundation (FAF) is a nonprofit organization that comprises the Financial Accounting Standards Board (FASB). The structure of the FAF is outlined below.

Group Role Formed

Governance

Financial Accounting Foundation (FAF) Oversees the work of the FASB, GASB, and their advisory councils — structure, strategy, administration, and finances. 1972

Technical

Financial Accounting Standards Board (FASB) Establishes standards of financial accounting and reporting for private-sector entities, including business and not-for-profit organizations. 1973
Governmental Accounting Standards Board (GASB) Establishes standards of financial accounting and reporting for state and local governmental entities. 1984
Emerging Issues Task Force (EITF) Assists the FASB in improving financial reporting through the timely identification, discussion, and resolution of financial accounting issues. 1984
Private Company Council (PCC) Determines alternatives to existing nongovernmental U.S. GAAP to address the needs of users of private company financial statements, based on criteria mutually agreed upon by the PCC and the FASB. 2012

Advisory

Financial Accounting Standards Advisory Council (FASAC) Consults with the FASB on technical issues, project priorities, and other matters likely to concern the FASB. 1973
Governmental Accounting Standards Advisory Council (GASAC) Consults with the GASB on technical issues, project priorities, and other matters likely to concern the GASB.
Selected advisory groups Investor Advisory Committee (IAC) 2007
Not-for-Profit Advisory Committee (NAC) 2009
Small Business Advisory Committee (SBAC) 2004
Joint Transition Resource Group for Revenue Recognition Consults with the FASB and IASB on implementation issues when applying ASC 606 and IFRS 15. 2014

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.