The Financial Accounting Foundation released its annual report Wednesday, offering an overview of its activities in 2024, especially at the two standard-setters it oversees, the Financial Accounting Standards Board and the Governmental Accounting Standards Board.
The report is available as both a downloadable
The report includes perspectives from leaders of the FAF, FASB and GASB, along with snapshots of how the teams keep stakeholders engaged. It also lists some of the highlights of 2024 FASB and GASB standards and exposure drafts on FASB projects such as recognition of intangibles and financial key performance indicators for business entities, as well as GASB exposure drafts on subsequent events and infrastructure assets. There's also an update on the FAF's strategic plan, plus a complete 2024 management's discussion and analysis along with audited financial statements.
FAF executive director John Auchincloss and FAF chair Edward Bernard noted this will be their final annual report as Auchincloss will retire as FAF's executive director in September, and Bernard's term as chair of the FAF board of trustees concludes in December.
"When we assumed these roles, we inherited an organization that had a well-deserved reputation for excellence due to the experience, intelligence and commitment of every single employee to our standard-setting mission," they wrote. "We have been honored to serve in our roles and firmly believe in the organization's bright future under new leadership."
