Overview: Accounting & Standards

Accounting Standards

The accounting standards developed and established by the FASB and the GASB are used to communicate information about the financial condition of a company, public or private, a not-for-profit organization, or a state or local government. >> More

Independence & Due Process

The FASB and the GASB are committed to following an open, orderly process for setting standards. Their comprehensive due process procedures permit timely, thorough and open study of financial accounting and reporting issues. >> More

How We're Funded

The FAF supports the work of the FASB and the GASB with a combination of accounting support fees, subscription and publication revenue, and investment income. >> More

  • Accounting Standards The rules that determine how financial information is shared
  • Independence & Due Process An open, orderly process for setting standards
  • How We're Funded A combination of accounting support fees, subscription/publication revenue, & investment income

Accounting Standards

The accounting standards developed and established by the FASB and the GASB are used to communicate information about the financial condition of a company, public or private, a not-for-profit organization, or a state or local government.
>> More


Independence & Due Process

The FASB and the GASB are committed to following an open, orderly process for setting standards. Their comprehensive due process procedures permit timely, thorough and open study of financial accounting and reporting issues.
>> More



About the FAF

Established in 1972, the FAF is the independent, private-sector, not-for-profit organization responsible for the oversight, administration, financing, and appointment of the FASB and the GASB.
>> More

About the FASB

Established in 1973, the FASB is the independent, private-sector, not-for-profit organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow GAAP.
>> More

About the GASB

Established in 1984, the GASB is the independent, private-sector organization that establishes accounting and financial reporting standards for U.S. state and local governments that follow GAAP.
>> More


How We're Funded

The FAF supports the work of the FASB and the GASB with a combination of accounting support fees, subscription and publication revenue, and investment income.
 >> More