FAF’s Annual Report Shares Upcoming Plans
Released late last week, the Financial Accounting Foundation’s (“FAF”; “the Foundation”) 2013 Annual Report details future plans for the Foundation, the Financial Accounting Standards Board (“FASB”) and Governmental Accounting Standards Board (“GASB”). Named “The Road Ahead”, the report features a thorough overview of last year’s achievements by the FAF, FASB and GASB, and talks about their plans ahead.
The Foundation’s plans for the FASB and GASB consist of:
- Guiding the FASB forward after its current projects with the International Accounting Standards Board (“IASB”) are done;
- Encouraging a global standard-setting environment where the FASB continues its efforts with the IASB and other capital market standard-setters, like continuous improvement of generally accepted accounting principles (U.S. GAAP);
- Refining how the GASB communicates with stakeholders and stretching its outreach; and
- Increasing the GASB financial reporting model’s effectiveness and simplifying financial reports.