On May 26, 2021, the Financial Accounting Foundation (FAF) posted its 2020 Annual Report, themed “Standards That Work from Main Street to Wall Street”.
The mission of the FAF is to provide effective, efficient, and appropriate stewardship of the following:
the Financial Accounting Standards Board (FASB), the organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP)
the Governmental Accounting Standards Board (GASB), the independent, private-sector organization that establishes accounting and financial standards for US state and local governments that follow GAAP
The FAF assists these standards boards in their shared endeavor to establish and improve financial accounting and reporting standards, provide useful information to investors and other users of financial reports, and educate stakeholders on how to interpret and implement those standards most effectively.
The 2020 Annual Report features the following key elements:
an overview of the boards’ outreach to, engagement with, and support for stakeholders, including measures taken to alleviate the unexpected challenges the year presented. The boards sought to lessen the impact of the COVID-19 pandemic by monitoring and responding to the situation as it developed. During this time, the FAF provided technical assistance, delayed standards implementations, and consistently made stakeholder needs the main concern.
management’s complete 2020 discussion and analysis in addition to its audited financial statements (previously posted to the FAF website)