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FINANCIAL REPORTING

New FASAB mission statement emphasizes service to public interest

 

By Ken Tysiac
July 20, 2012

The Federal Accounting Standards Advisory Board (FASAB) has adopted a new mission statement that notes its service to the public interest.

“The FASAB serves the public interest by improving federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information,” a FASAB statement, released Thursday, says.

FASAB Chairman Tom Allen said in a news release that the previous mission statement didn’t adequately emphasize the board’s commitment to serving the public interest, which is the primary driver of its work. A full explanation of the FASAB’s mission and objectives is available on the board’s website.

The board’s previous mission statement was adopted in 1991, eight years before the FASAB was designated as the standards setter for the federal government.

Ken Tysiac (ktysiac@aicpa.org) is a JofA senior editor.

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