![]() ![]() ![]() The selection process was amended as such in 2008 to reduce private sector influence on the Board of Trustees and its oversight of the FASB and GASB. The Board of Trustees of the FAF is selected by a nomination process that involves several organizations from investing, accounting, business, financial, and governmental sectors, but are ultimately selected by the existing Board. The FASB is subject to oversight by the Financial Accounting Foundation (FAF), which selects the members of the FASB and the Governmental Accounting Standards Board and funds both organizations. ![]() In December 2019, FAF board of trustees announced that Richard Jones would succeed Russell Golden as FASB's chair when his term expired at the end of June 2020. The board is supported by more than 60 staff. įASB board members, as of February 22, 2023: Member Board members also come from sectors such as academia, business, and legal, or government agencies. ![]() The qualifications to serve on the FASB include professional competence and realistic experience from professions like financial reporting, investment services, and financial planning. The FASB is based in Norwalk, Connecticut, and is led by seven full-time Board members, one being the chairman, appointed by the Financial Accounting Foundation (FAF) to serve five-year terms and are eligible for one term reappointment. The FASB is run by the nonprofit Financial Accounting Foundation.įASB accounting standards are accepted as authoritative by many organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. In all cases where an auditor's name is associated with financial statements, the auditor should clearly indicate the character of the auditor's work, if any, and the degree of responsibility the auditor is taking, in the auditor's report.The Financial Accounting Standards Board ( FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. When the auditor cannot express an overall opinion, the auditor should state the reasons in the auditor's report.
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