Accounting Standard-Setters Offer Glimpse of ‘Road Ahead’

The Financial Accounting Foundation has issued its 2013 Annual Report, entitled “The Road Ahead,” outlining the future direction of the FAF and the standard-setting boards it oversees, the Financial Accounting Standards Board and the Governmental Accounting Standards Board.

“The issues we face are varied and complex,” said the document. “How should we continue to work toward more comparable global accounting standards? To what degree should we provide accounting alternatives for private companies while preserving the strength and consistency of GAAP? How can we make the financial position of governments more transparent for taxpayers, bond buyers and other users of financial statements?”

The report includes perspectives from the leaders of all three organizations: FAF board chairman Jeffrey J. Diermeier, FAF president and CEO Teresa S. Polley, FASB chairman Russell G. Golden, and GASB chairman David A. Vaudt.

The report also provides overviews of the accomplishments of the organizations in the past year, along with color photos of both current and past FAF, FASB, and GASB leaders, staff and other stakeholders. The document also includes listings of all FAF, FASB and GASB advisory groups, including the Private Company Council and the Emerging Issues Task Force; and a complete 2013 management’s discussion and analysis and audited financial statements.