established in 1973, the Financial audit Standards plank ( is the independent, private- sector, not-for-profit organization based in Norwalk, Connecticut, that creates financial audit and reporting standards for public and private companies and not-for-profit institutions that follow usually Accepted bookkeeping Principles (GAAP).The is well-known by the U.S. Securities and also Exchange Commission as the designated bookkeeping standard setter for public companies. standards are known as classic by countless other organizations, consisting of state board of accountancy and the American institute of CPAs (AICPA). The develops and issues financial audit standards with a transparent and also inclusive process intended to promote financial reporting the provides helpful information to investors and also others who usage financial reports.The financial Accounting structure (FAF) supports and also oversees the Established in 1972, the FAF is the independent, private-sector, not-for- profit organization based in Norwalk, Connecticut, responsible because that the oversight, administration, financing, and also appointment that the and also the Governmental accounting Standards board (GASB).

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The cumulative mission the the, the GASB, and also the FAF is come establish and improve financial bookkeeping and reporting standards to administer useful information to investors and also other users of gaue won reports and educate stakeholders on how to most effectively understand and also implement those standards.The, the GASB, the FAF Trustees, and also the FAF management contribute to the collective mission according to each one’s particular role:The FAF monitoring is responsible for providing strategic counsel and also services that support the occupational of the standard-setting Boards.More information can be uncovered in the strategic Plan, in ~


The seven members that the serve permanent and, come foster your independence, are compelled to sever relations with the firms or organizations they served before joining the Board. While lock individually have varied backgrounds, each has actually a issue for investors, other users, and also the public interest in problem of accounting and gaue won reporting and they collectively have knowledge of accounting, finance, business, accountancy education, and members space appointed by the FAF Trustees usually for 5-year terms; they might serve as much as 10 years.

Diverse Perspectives

Balancing diverse views to come at the best accounting solutions is innate to the's standard-setting process and, by extension, the composition of its Board. Currently, the is written of the following members:
Current MemberClassification
Richard R. Jones, ChairPublic Accounting
James L. Kroeker, vice ChairmanPublic Accounting/SEC
Christine Ann BotosanAcademic
Gary R. BuesserFinancial statement User
Frederick L. CannonFinancial explain User
Susan M. CosperPublic, Private, and also Not-for-Profit Accounting
Marsha L. HuntPublic firm Preparer Member selection Process members room appointed by the FAF Trustees. To ensure that a balance the perspectives is represented on the, the Appointments committee that the FAF Trustees seeks Board nominations native a broad array that stakeholders, including vital stakeholder organizations/associations representing a wide range of financial explain users and preparers, and academics, public and private companies and also organizations, regulators and also other government leaders, and also professional find firms.

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The primary duty of advisory group members is come share your views and experience v the board on matters associated to tasks on the Board’s agenda, possible new agenda items, practice and also implementation of new standards, and strategic and other matters. Information listed by advisory group members is connected to the plank in a range of ways, consisting of public advisory meetings and also comment Advisory groups are standing resources to the and also its staff, and include:


In order come ensure the broadest discussion of vital accounting and financial report issues, other teams include:


For additional information around the, consisting of Board meeting schedules, accessibility the website in ~