Financial Accounting Foundation

Governmental accounting standards board (gasb) governmental accounting standards advisory council (gasac)established in 1984, the gasb is the independent, private-sector organization, based in norwalk, connecticut, that establishes financial accounting and reporting standards for u.s. State and local governments that follow gaap. These standards are recognized as authoritative by state and local governments; state boards of accountancy; and the american institute of cpas (aicpa). The gasb develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to taxpayers, public officials, investors, and others who use financial reports. The financial accounting foundation (faf) supports and oversees the gasb. Whether setting new standards, improving existing ones, or helping constituents to implement and understand those standards, gasb's aim is to promote greater transparency, to support well-informed decision making, and to help users assess a government's financial accountability. For a complete and detailed picture of the work of the gasb, current and completed projects, timetables and other information, please visit gasb.org. In addition, the faf annual report provides a detailed timetable of gasb's 2024 accomplishments and can be found at accountingfoundation.org. Below are some of the key highlights in 2024.in 2024, gasb issued two final statements (statement no. 103, financial reporting model improvements and statement no.104, disclosure of certain capital assets) and three exposure/preliminary views drafts. While the majority of its time is devoted to developing accounting and financial reporting standards, the gasb staff also helps stakeholders understand and implement standards by providing them with direct assistance addressing their specific facts and circumstances. Outreach and other stakeholder communications continued to be extensive with numerous meetings with liaison groups and interactions with representatives of gasb's three primary stakeholder groups (users, preparers, and auditors). Gasb members and staff delivered speeches at 100 different conferences during the year. The gasb issued 12 media advisories during the year. In addition, tweets were sent on a variety of gasb standard setting activities and the gasb offered 14 educational webcasts and videos. The thirty-one member gasac is an organization of knowledgeable and experienced professionals representing the gasb's varied stakeholders who volunteer their services to work with the gasb in an advisory capacity to enhance the standard setting process by consulting with the gasb on technical issues, project priorities, and other matters likely to concern the gasb. In 2024, the gasac held three meetings.

Publishing represents the distinct activities of content operations, producing and distributing the fasb and gasb standard-setting materials. This includes producing and distributing individual exposure drafts and final pronouncements, updates to the fasb codification, and gasb governmental accounting research system (gars), as well as managing the platforms, information architecture, processes, and tools supporting content operations. The faf licenses the content of the fasb accounting standards codification (fasb codification) and gasb materials to commercial publishers and others for specific uses.