The Board of Trustees of the Financial Accounting Foundation (FAF) has released the final version of its new strategic plan. The FAF is the organization that oversees the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Because stakeholder feedback is the foundation of the organization’s work, the new strategic plan is based on extensive engagement with stakeholders via comment letters, an online survey, and a number of individual interviews.
The plan is an overview of the objectives the organization will address in the coming years, including the following six goals to:
promote the importance of independent standard setting to capital markets
guarantee enhancements to financial accounting and reporting standards
combine new and existing technologies, improving the standard-setting process, from initial stakeholder feedback through the delivery and consumption of standards
maintain the commitment to greater diversity, equity, and inclusion
demonstrate leadership in global financial reporting
engage with stakeholders, regulators, and Congress to determine the appropriate way for the organization to contribute to future sustainability reporting
The new strategic plan, which the FAF hopes clearly communicates its vision, values, and mission, is publicly available to view and download on the FAF website.