FAF Issues Annual Report

The Financial Accounting Foundation (FAF), which oversees FASB and GASB, has issued its 2013 Annual Report, detailing the organization's activities and key issues during the past year.

Themed as “The Road Ahead,” the 2013 Annual Report outlines the future direction of the FAF and its standard-setting Boards, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). As stated in the introduction:

The issues we face are varied and complex. How should we continue to work toward more comparable global accounting standards? To what degree should we provide accounting alternatives for private companies while preserving the strength and consistency of GAAP? How can we make the financial position of governments more transparent for taxpayers, bond buyers and other users of financial statements?

These questions are examined from the perspective of the leaders of all three organizations and in letters to stakeholders from FAF Board Chairman Jeffrey J. Diermeier, FAF President & Chief Executive Officer Teresa S. Polley, FASB Chairman Russell G. Golden, and GASB Chairman David A. Vaudt.

The report also provides illustrative, high-level overviews of the accomplishments of the FAF, the FASB, and the GASB, presented in a way that gives even the most time-pressed readers a comprehensive overview of the year’s highlights.

Other features in the 2013 Annual Report include:

  • Full-color photos featuring both current and past FAF, FASB, and GASB leaders, staff, and other stakeholders
  • Listings of all FAF, FASB, and GASB advisory groups, including the Private Company Council and the Emerging Issues Task Force, and
  • Complete 2013 management’s discussion and analysis and audited financial statements.