Creating and updating financial accounting standards
Selecting the members of the boards and councils that actually create and update the financial accounting standards
Oversee the administration and financing of these boards and councils
Ensuring the independence and integrity of the processes used to create financial accounting standards
The boards and councils that the FAF oversees are as follows:
Financial Accounting Standards Advisory Council
Governmental Accounting Standards Advisory Council
Private Company Council
The board of trustees of the FAF is comprised of several organizations interested in financial reporting, including the American Accounting Association, the American Institute of Certified Public Accountants, and the Securities Industry and Financial Markets Association.
The FAF is located in Norwalk, CT and has been in existence since 1972.