The Financial Accounting Foundation (FAF) was established in 1972 as a autonomous, private-sector organization with accountability to oversee, administer & manage finances of the Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), and their advisory councils, the Financial Accounting Standards Advisory Council (FASAC) and the Governmental Accounting Standards Advisory Council (GASAC).
The FAF chooses the participants for the standard-setting Boards and Councils and ensures the protection of the Board’s independence.
The FASB is known by the Securities and Exchange Commission (SECP) as the nominated accounting standard setter for public companies.
The FASB works on transparency approach developing & issuing financial accounting standards with the aim to promote financial reporting, as it contains deep insights for investors & other external bodies.
Three of the organizing bodies: FASB, the Governmental Accounting Standards Board (GASB) and the FAF collectively work together with the mission to set up and develop financial accounting standards & reporting practices with the aim to offer meaningful information for investors and other external parties & companies, requiring financial reports for analysis & also to the shareholders of how to practice these standards effectively via better understanding