New FASAB mission statement emphasizes service to public interest

BY KEN TYSIAC

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.

SPONSORED REPORT

Why cybercriminals are targeting CPAs

This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.

PODCAST

How tax reform — and Excel — are changing the CPA Exam

Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.