Financial Accounting Foundation issues new strategic plan

The Financial Accounting Foundation—the organization that oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board—has released the final version of its new strategic plan, which outlines the goals that the organization will address for the next several years.

The plan’s goals include promoting the importance of independent standard setting to capital markets; ensuring that financial accounting and reporting standards advance as needed; embracing new technology to make the standard-setting process more effective; building on the foundation’s commitment to diversity, equity and inclusion; and engaging with stakeholders, regulators and Congress to determine the appropriate way, if any, for the organization to contribute to future sustainability reporting. FAF officials said the plan was created with input from hundreds of stakeholders and two dozen organizations and individuals who sent formal comment letters in response to a draft version of the plan released earlier this year.