The Financial Accounting Foundation and the two standard-setting boards it oversees, the Financial Accounting Standards Board and the Governmental Accounting Standards Board, have created a draft strategic plan of their vision, mission and top priorities, and are asking for comments.
The planning document is intended to guide the organizations to better serve their stakeholders in the months and years ahead.
“Before we developed the draft, we retained consultants to interview a broad spectrum of our stakeholders,” wrote FAF president and CEO Terri Polley in her President’ Desk Column. “To encourage candor, we decided that the feedback provided would remain anonymous. In the end, our consultants spoke to more than 125 of you, asking important questions about our organization and our future.”
The vision described by the FAF in the draft strategic plan is to be a “recognized leader in financial accounting and reporting.” The mission is “to establish and improve financial accounting and reporting standards to provide useful information to investors and other users of financial statements, and to educate stakeholders on how to most effectively understand and implement those standards.”
The four top priorities are “practicing and promoting continued excellence in standard setting, demonstrating a commitment to leadership in standard setting, building and maintaining trust with stakeholders, and contributing to the public discourse on current and future financial reporting issues.”
The FAF is asking stakeholders to read and share the draft strategic plan, and email comments to email@example.com. The FAF board of trustees will consider adopting the plan at the board’s February 2015 meeting.
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