The Financial Accounting Foundation

Name

The Financial Accounting Foundation

Legal name

Financial Accounting Foundation

Website

https://accountingfoundation.org

Company type

Private

Founded year

1972

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Product category

Accounting Standards and Financial Reporting Governance

akta.pro primary industry

Risk, Controls & Governance (GRC) Platforms (FSAFAOAG)

akta.pro secondary industry

Compliance Technology, GRC Platforms & Controls Automation Advisory (BPAHAFAO)

Keywords

• Accounting standard-setting
• Financial reporting governance
• GAAP oversight
• Nonprofit accounting oversight
• Financial accounting standards

Headquarters

HQ city

Norwalk

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D

Revenue model

1. Accounting Support Fees: The largest share of financial support comes from accounting support fees paid by publicly traded companies (for FASB) and municipal bond brokers and dealers (for GASB). Neither the FAF nor the FASB or GASB receive any funds from Federal, state, or local governments.
2. Publishing Revenue: Revenue includes sales and licensing of copyrighted FASB- and GASB-related materials.
3. Investment Income: Investment income from the FAF's board-designated reserve fund supports board operations.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

FAF is the independent, private-sector, not-for-profit organization responsible for the oversight, administration, financing, and appointment of two accounting standard-setting boards: the Financial Accounting Standards Board (FASB), which establishes GAAP standards for public and private companies and not-for-profit organizations, and the Governmental Accounting Standards Board (GASB), which establishes standards for U.S. state and local governments. It also maintains the FASB Accounting Standards Codification, the Governmental Accounting Research System (GARS), and the Post-Implementation Review (PIR) oversight process.

Product overview

The Financial Accounting Foundation (FAF) operates as an independent, private-sector, not-for-profit organization that does not offer a unified software product in the traditional sense. Instead, it oversees and administers two standard-setting Boards—the Financial Accounting Standards Board (FASB) for public/private companies and not-for-profits, and the Governmental Accounting Standards Board (GASB) for state and local governments—along with their respective advisory councils (FASAC, GASAC, and the Private Company Council). The organization also provides the Post-Implementation Review process for evaluating standards effectiveness, the Bridging the GAAP educational podcast, and the GASB Governmental Accounting Research System (GARS) for accessing GAAP literature. The core offering is the establishment and oversight of U.S. Generally Accepted Accounting Principles (GAAP) rather than commercial software products.

Differentiator

Problem solved

Functional benefit

Products and services

• Financial Accounting Standards Board (FASB) 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 U.S. GAAP. Recognized by the SEC as the designated accounting standard setter for public companies.
• Governmental Accounting Standards Board (GASB) Independent, private-sector organization that establishes accounting and financial reporting standards for U.S. state and local governments that follow GAAP. Its standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the AICPA.
• Post-Implementation Review (PIR) Oversight process initiated by FAF Trustees in 2010 to evaluate the effectiveness of standards set by FASB and GASB, assisting Trustees with ongoing efforts to evaluate the standard-setting process for both Boards.
• Governmental Accounting Research System (GARS) Online research system providing access to all literature that constitutes GAAP for state and local governments in the United States, including GASB statements, interpretations, implementation guidance, and the Comprehensive Implementation Guide.

Quantifiable outcome

• Standards apply to all public companies, private companies, not-for-profit organizations, and state/local governments in the United States

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core.

• Governmental Accounting Standards Board (GASB)coreStrategic or Co-development Partner · 1 January 1984FAF is responsible for the oversight, administration, financing, and appointment of GASB. GASB establishes accounting and financial reporting standards for U.S. state and local governments. Established in 1984, GASB is headquartered in Norwalk, Connecticut.
• Financial Accounting Standards Board (FASB)coreStrategic or Co-development Partner · 1 January 1973FAF is responsible for the oversight, administration, financing, and appointment of FASB. FASB establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations. Established in 1973, FASB is headquartered in Norwalk, Connecticut and recognized by the SEC as the designated accounting standard setter for public companies.
• Financial Accounting Standards Advisory Council (FASAC)coreStrategic or Co-development PartnerFASAC is composed of approximately 37 members from diverse stakeholder groups and serves as the primary advisory body to the FASB. The council advises on issues related to projects on the FASB's agenda, possible new agenda items, project priorities, and procedural matters.
• Governmental Accounting Standards Advisory Council (GASAC)coreStrategic or Co-development PartnerGASAC is responsible for consulting with GASB on technical issues on the GASB's agenda, project priorities, matters likely to require the attention of the GASB, selection and organization of task forces, and other matters as requested.
• Private Company Council (PCC)coreStrategic or Co-development PartnerThe PCC is the primary advisory body to the FASB on private company matters. The PCC uses the Private Company Decision-Making Framework to advise the FASB on appropriate accounting treatment for private companies for items under active consideration on the FASB's technical agenda. PCC proposed changes are subject to endorsement by the FASB.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• American Institute of CPAs (AICPA): The AICPA is the largest professional accounting body in the U.S., issuing auditing standards (through the ASB) for private companies and non-audit services. It is a broader incumbent that touches many of the same constituents as FAF and is explicitly recognized in GASB's authoritative status.
• Public Company Accounting Oversight Board (PCAOB): The PCAOB oversees the audits of public companies and brokers/dealers in the U.S. While its focus is auditing standards rather than financial reporting standards, it shares with FAF the function of independent private-sector oversight of a profession critical to U.S. capital markets.

Direct peers

• European Financial Reporting Advisory Group (EFRAG): EFRAG provides technical advice to the European Commission on IFRS endorsement and develops European Sustainability Reporting Standards. It is a direct peer in standard-setting advisory and operates in the same professional ecosystem as FAF-supported bodies.
• Australian Accounting Standards Board (AASB): The AASB is Australia's national accounting standard setter, developing Australian Accounting Standards and contributing to IFRS. It is a direct functional peer to FASB (FAF's subsidiary) and operates in the same global standards ecosystem.
• IFRS Foundation: The IFRS Foundation is the independent, non-profit oversight body for the International Accounting Standards Board (IASB), which sets IFRS used in more than 140 jurisdictions. It is the closest structural analog to FAF — both oversee and finance an independent standard-setting board recognized by securities regulators.
• Canadian Accounting Standards Board (AcSB): The AcSB is part of the Chartered Professional Accountants of Canada and sets standards for private entities, not-for-profits, and pension plans. It is a direct peer to FASB in terms of standard-setting function and operates in close alignment with U.S. GAAP for private companies.
• Accounting Standards Board of Japan (ASBJ): The ASBJ develops Japanese GAAP and works toward convergence with IFRS. It is a direct peer to FASB and operates in the same global standards-setting ecosystem, with comparable stakeholder engagement processes.
• UK Endorsement Board: The UK Endorsement Board is responsible for endorsing international accounting standards for use in the UK. It is structurally analogous to FASB in that it operates as the national standard-setting/endorsement body, comparable to FAF's oversight of FASB.

Emerging players

• International Federation of Accountants (IFAC): IFAC is a global organization for the accounting profession, supporting the development of international standards including ethics and education. It is comparable to FAF in operating as an independent, non-profit standards-influencing body, though its scope is broader and softer than standard-setting itself.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/GASB
• LinkedInlinkedin.com/company/financial-accounting-foundation

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Financial Accounting Foundation