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

FAF (US Financial Accounting Foundation)  FASB (US Financial Accounting Standards Board)

The Financial Accounting Standards Board (FASB) is organized under an independent foundation named the Financial Accounting Foundation (FAF). The FAF is a not-for-profit corporation which was created under the laws of Delaware in 1972. The components of the overall structure of the FAF are set out below. 

GroupRoleFormed

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) Responsible for establishing standards of financial accounting and reporting for private-sector entities, including business and not-for-profit organizations. 1973
Governmental Accounting Standards Board (GASB) Responsible for establishing standards of financial accounting and reporting for state and local governmental entities. 1984
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.

Advisory

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
Emerging Issues Task Force (EITF) Assist the FASB in improving financial reporting through the timely identification, discussion, and resolution of financial accounting issues. 1984
Selected advisory groups Investor Advisory Committee (IAC) 2007
Not-for-Profit Advisory Committee (NAC) 2009
Small Business Advisory Committee (SBAC) 2004
Financial Crisis Advisory Group (FCAG) 2009-2010
Private Company Financial Reporting Committee (PCFRC) 2006-2012

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.