Financial Accounting Foundation (FAF)

AccountingConnecticut, United States51-200 Employees

The Financial Accounting Foundation (FAF) is a private, not-for-profit organization based in Norwalk, Connecticut, established in 1972. It oversees the work of two standard-setting bodies—the Financial Accounting Standards Board and the Governmental Accounting Standards Board—whose activities determine Generally Accepted Accounting Principles used by public and private companies, not-for-profit organizations, and state and local governments in the United States. FAF directs governance and independence by appointing board members and advisory councils, supervising due process, and ensuring the boards operate with appropriate oversight.

The FAF Board of Trustees comprises members from a range of backgrounds, including users, preparers, auditors, state and local government officials, academics, and regulators, reflecting the varied stakeholders in financial reporting. As the steward of FASB and GASB, FAF maintains oversight of the standard-setters to promote independent, transparent processes that shape GAAP across the public and private sectors. In January 2024, FAF launched a redesigned website for the FASB, signaling ongoing efforts to improve access to information about the standard-setting process and related activities.

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