FAF publishes new strategic plan

By Kevin Brewer

The Financial Accounting Foundation (FAF) released the final version of its new strategic plan, which includes the strategic goals it seeks to address in the coming years. The organization oversees FASB and GASB.

The plan's six stated goals are:

  1. In service to the public interest, promote the importance of independent standard setting to capital markets;
  2. Ensure financial accounting and reporting standards advance as needed;
  3. Incorporate new, and further embrace, existing technologies to make the standard-setting process more effective and productive, from initial stakeholder input through the delivery and consumption of standards;
  4. Build on its commitment to greater diversity, equity, and inclusion;
  5. Exhibit leadership in global financial reporting; and
  6. Engage with stakeholders, regulators, and Congress to determine the appropriate way, if any, for the organization to contribute to future sustainability reporting.

"Our new strategic plan is the result of extensive stakeholder engagement and the thoughtful deliberation of our Strategic Planning Task Force led by FAF Vice Chair Mary Barth," FAF Chair Kathleen L. Casey said in a news release. "Stakeholder feedback is the foundation of our work, and FAF Trustees, the leaders of FASB and GASB, and key FAF staff all contributed to the forging of this plan."

The organization said it would use the FAF annual report, published each year in May, to provide stakeholders with yearly updates on its progress toward the plan's goals.

— To comment on this article or to suggest an idea for another article, contact Kevin Brewer at Kevin.Brewer@aicpa-cima.com.

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