'Standards that Work' with FASB, GASB, and FAF

FAF, FASB, and GASB are here to make "Standards that work" for financial accounting in the US, helping users make better-informed decisions about whether to invest capital, whether to loan or donate money, or whether to support a voter referendum.

Standards that work are cost-effective to implement and provide investors with relevant information. And that work doesn't end when the boards issue a final standard—it's beginning of a new phase of outreach regarding implementation efforts.

After a standard is issued the GASB and FASB continue to work with stakeholders to make sure they understand and can implement the standard. Only then can the standard provide relevant information to financial statement users.

The FAF supports standards that work by supporting the boards that actually set the standards, namely the FASB and the GASB. The FAF also monitors stakeholder perceptions of the boards to see if and how they can improve the standard-setting process. The FAF Trustees—the leadership arm of the FAF–supports the goal by appointing the best people to the standard-setting boards.

Although the FAF, the FASB, and the GASB play different roles in the process, we all support the same mission, which is "accounting standards that work."