Financial Accounting Foundation (FAF)

The Financial Accounting Foundation (FAF) announced that Executive Director John W. Auchincloss will retire on September 30, 2025, after nearly a decade of dedicated service. Under his leadership, the FAF achieved significant milestones, including the development of a new strategic plan and advancements in technology and transparency to support FASB and GASB. "John has been a strong, accomplished leader throughout his time at the Foundation," said FAF Chair Edward Bernard. "His legacy is his commitment to our mission, to the support of our standard setters, and to strategic and operational excellence." We thank John for his outstanding contributions and wish him a fulfilling retirement.

Happy Thanksgiving from all of us at the FASB, GASB, and FAF! 🍁 We are grateful for the opportunity to serve our stakeholders and contribute to the vital work of the financial reporting community. Wishing you and your loved ones a joyful and peaceful holiday. 🦃

🎙️New Episode Alert: GASB's Infrastructure Assets Project In this episode of Bridging the GAAP, host Matthew Broder, FAF Vice President of Communications, leads an engaging discussion with Scott Reeser, GASB Supervising Project Manager, on the key details of GASB's Infrastructure Assets Project. 🔗https://apple.co/4fJIAm1 Tune in as GASB Chair Joel Black and Eileen Foley, Digital Operations and Podcast Producer, introduce the episode and set the stage for this timely conversation with Matt and Scott. 📆 Stakeholder feedback on this project is encouraged and can be submitted by January 17, 2024, at https://bit.ly/34dte5n. 🎧 Be sure to subscribe to Bridging the GAAP on your preferred streaming platform to stay informed about GASB’s latest initiatives and projects.

The Financial Accounting Foundation Board of Trustees has announced several key appointments and reappointments: -Robert Scott joins the GASB for a five-year term starting July 1, 2025. -Dianne E. Ray, CPA, MPA has been reappointed to a second GASB term, extending her service through 2030. In GASAC news: -Robert Hamilton has been reappointed as GASAC Chair through December 2026. -Suzanne Lowensohn has been named GASAC Vice Chair, serving through December 2025. Congratulations to all! 🎉 For more details, please visit https://bit.ly/3ZcPDxv

The Financial Accounting Foundation (FAF) Board of Trustees has announced the appointment of new Trustees Lara Abrash, Luis A. Aguilar, Prat Bhatt, and Paul Quinsee. All four begin their term of service on January 1, 2025, and conclude on December 31, 2029. “The FAF Board of Trustees is pleased to welcome Lara, Luis, Prat, and Paul as its newest Board members,” said FAF Chair Edward Bernard. “Their broad and varied financial expertise, combined with their diverse experience and skill sets, will ensure the continued support and progress of the standard-setting missions of the FASB and GASB.” For more information, please visit https://bit.ly/4fV8jaF

The Financial Accounting Standards Board (FASB) has published an Invitation to Comment (ITC) that gives stakeholders the opportunity to provide feedback on financial key performance indicators (Financial KPIs). Stakeholders are asked to review and provide comment on the ITC by April 30, 2025. https://bit.ly/3OfumwV

The Financial Accounting Standards Board (FASB) has published a proposed Accounting Standards Update (ASU) that would improve the navigability of the disclosures that are required to be provided in interim reporting periods and clarify when that guidance is applicable and what disclosures are required to be provided in interim reporting periods. Stakeholders are encouraged to review and provide input on the proposed ASU by March 31, 2025. To review the proposed ASU and for information on how to submit comments, visit https://bit.ly/4fBJhxq

⭐ Seeking Nominations for the Postgraduate Technical Assistant Program (PTA) Program ⭐ Nominate a Candidate by November 22, 2024: https://bit.ly/3BwvzwZ Our Postgraduate Technical Assistant Program (PTA Program) offers a unique, one-year immersive experience that delves deep into the financial reporting standard-setting process. During the year-long program, Postgraduate Technical Assistants (PTAs) will learn about the standard-setting process from start to finish. They will be provided the unique opportunity to work alongside senior members of project staff and will be involved in all phases of their assigned projects.

We were honored to participate in the American Institute of Certified Public Accountants (AICPA) & CIMA Governmental and Not-for-Profit Training Program this week in Las Vegas, NV. GASB Chair Joel Black and Senior Project Manager Lisa Parker shared updates on our strategies and projects, while Senior Project Advisor Paulina Haro provided insights into our Revenue and Expense Recognition project. GASB Advisory Council Members Michelle Watterworth CPA (AICPA) and Robert Scott (Government Finance Officers Association (GFOA)) engaged attendees in a thoughtful dialogue on Statement 101 – Compensated Absences. FASB Senior Project Advisor Jeffrey Mechanick also presented an update on FASB’s current agenda. #AICPAgov #governmentalaccounting #nonprofit #gaqc