FASB Published its Strategic Plan

On 9 April 2015, the US accounting standard setter, the FASB, published its Strategic Plan in conjunction with its counterpart the Governmental Accounting Standards Board (GASB) and their oversight body, the Financial Accounting Foundation (FAF), after consultation with their respective stakeholders.

Keywords: Mazars, Thailand, US GAAP, FASB, GASB

29 June 2015

Their collective vision is to be a recognised leader in financial accounting and reporting.

This vision translates into a mission to:

  • establish and improve financial accounting and reporting standards to provide useful information to investors and other users of financial reports; and
  • educate stakeholders on how to most effectively understand and implement those standards.

In strategic terms, the FASB aims:

  • to promote excellence in standard setting;
  • to participate actively in the development of IFRSs; and
  • to enhance its relationships with other national and regional standard setters, as long as these relationships are beneficial and contribute to reducing unnecessary differences among standards used internationally. However, the FASB may conclude that the best interests of its own capital markets outweigh the goal of completely converged accounting standards.

Please read the FASB’s Strategic Plan for more information.