created in 1973, the Financial accounting Standards plank ( is the independent, private- sector, not-for-profit company based in Norwalk, Connecticut, that develops financial bookkeeping and reporting standards for public and private companies and also not-for-profit establishments that follow normally Accepted audit Principles (GAAP).The is known by the U.S. Securities and Exchange Commission as the designated accountancy standard setter because that public companies. standards are recognized as classic by numerous other organizations, consisting of state board of accounting and the American institute of CPAs (AICPA). The develops and also issues financial audit standards with a transparent and also inclusive procedure intended to encourage financial reporting the provides advantageous information come investors and also others who usage financial reports.The jae won 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 for the oversight, administration, financing, and appointment of the and also the Governmental accountancy Standards board (GASB).

You are watching: No significant differences exist between the accounting standards issued by the fasb and the iasb. MISSION

The cumulative mission of the, the GASB, and the FAF is come establish and also improve financial accounting and reporting criter to carry out useful information to investors and other individuals of financial reports and also educate stakeholders on how to most successfully understand and implement those standards.The, the GASB, the FAF Trustees, and also the FAF management add to the cumulative mission according to each one’s details role:The FAF monitoring is responsible for giving strategic counsel and also services that assistance the job-related of the standard-setting Boards.More information deserve to be found in the strategic Plan, in ~


The seven members of the serve permanent and, to foster their independence, are compelled to sever relations with the that company or institutions they served before joining the Board. While they individually have varied backgrounds, each has actually a issue for investors, other users, and also the public attention in problem of bookkeeping and jae won reporting and they collectively have knowledge of accounting, finance, business, accountancy education, and members room appointed through the FAF Trustees typically for 5-year terms; they may serve as much as 10 years.

Diverse Perspectives

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

See more: Daisy Powerline Model 880 Pellet / Bb Gun, Daisy Powerline 880


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


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


For additional information about the, including Board meeting schedules, access the website in ~