STRATEGIC PLANThe Financial Accounting Foundation (FAF), the Financial Accounting Standards Board (FASB), and the Governmental Accounting Standards Board (GASB), working jointly, have developed this strategic plan to articulate the long-range vision, mission, and strategic goals of each of the groups and the organization collectively.The strategic plan affirms the discrete, individual roles of the groups comprising the FAF, while describing the overarching vision and mission that we share. The plan recognizes that the FASB and the GASB are solely responsible for developing and establishing financial accounting and reporting standards. The plan also recognizes that the role of the FAF management team is to provide strategic counsel and services that support the mission, activities, and independence of the FASB and the GASB. The FAF Trustees are responsible for overall governance of the FAF, oversight of the FASB and the GASB, and for protecting the independence of the standard-setting process, while also respecting that independence... The strategic plan ... describes four strategic goals that, if achieved, will enable the FASB, the GASB, the FAF Trustees, and the FAF management to realize our collective vision and fulfill our collective mission.Financial Accounting FoundationFAF_b1461cd6-d232-11e6-bb80-72430fbcdb3bThe FAF is the independent, private-sector, not-for-profit organization responsible for establishing and improving financial accounting and reporting standards for companies -- both public and private, not-for-profit organizations, and state and local governments. The FAF comprises the FAF Board of Trustees, two standard-setting Boards (the FASB and the GASB), and the FAF management team. Financial Accounting Standards BoardFASB_4139e3f8-d21b-11e6-89f3-98e20ebcdb3bFASB StakeholdersThe FASB, the GASB, the FAF Trustees, and the FAF management view the definition of "stakeholders" broadly. For example, FASB stakeholders include those who provide capital (investors, lenders, other creditors, donors); regulators; academics; financial statement preparers; financial statement auditors; and other standard setters, among others.InvestorsLendersCreditorsDonorsRegulatorsAcademicsFinancial Statement PreparersFinancial Statement AuditorsStandard SettersGovernmental Accounting Standards BoardGASB_b1461f2e-d232-11e6-bb80-72430fbcdb3bGASB StakeholdersGASB stakeholders include citizens; investors (who purchase municipal bonds); state and local government officials; and those who prepare and audit government financial statements. Together, the FASB, the GASB, the FAF Trustees and the FAF management share a common group of stakeholders that have a compelling interest in promoting financial reporting that accurately and neutrally reflects economic activity and promotes the efficiency of capital markets. CitizensInvestorswho purchase municipal bondsState Government OfficialsLocal Government OfficialsGovernment Accountantswho prepare and audit government financial statementsAuditorsof government financial statementsTO BE A RECOGNIZED LEADER IN FINANCIAL ACCOUNTING AND REPORTING_b146203c-d232-11e6-bb80-72430fbcdb3bOUR COLLECTIVE MISSION IS 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._b1462104-d232-11e6-bb80-72430fbcdb3bINTEGRITYIntegrity means that the FASB, the GASB, the FAF Trustees, and the FAF management each will carry out their respective role with honesty, commitment, and transparency. For the Boards, integrity means adherence to the Boards' due process, respecting all stakeholders' views, and ensuring that confidential information shared with the Boards is carefully protected and remains private. The Boards' due process is central to our mission. OBJECTIVITYThe Boards' due process seeks to ensure that diverse views are heard and carefully considered. Objectivity requires the Boards to evaluate and consider differing views -- with no stake in any particular viewpoint or outcome -- and to promote the neutrality of information resulting from their standards. INDEPENDENCEAccounting standards must be developed in an environment free of special interests, one that is focused on bringing investors, citizens, and other users of financial reports the highest-quality financial reporting information possible while balancing those benefits with the costs of implementing new standards.TRANSPARENCYThe Boards operate "in the sunshine." The ability for stakeholders to see what the standard-setting Boards are doing at any given time fosters greater stakeholder involvement and confidence in the process.INCLUSIVENESSActively encouraging all stakeholders to participate in the development of standards and listening to a wide range of views with thoughtful attention are prerequisites of the Boards’ ability to develop standards that are generally accepted.LEADERSHIPOur stakeholders expect the FASB and the GASB to lead the way in developing the highest-quality accounting standards through an independent process that, in turn, strengthens confidence in our capital markets, both domestically and globally. ExcellencePractice and promote continued excellence in standard setting_b14621fe-d232-11e6-bb80-72430fbcdb3b1Simply put, this means that the FASB and the GASB will set the highest-quality standards through the best possible process, one that embraces and promotes integrity, objectivity, independence, transparency, inclusiveness, and leadership. The FASB will focus on reporting by public and private companies and not-for-profit organizations, while the GASB will focus on reporting by state and local governments... By focusing their agendas on those projects and initiatives that address the most pressing concerns of stakeholders, the Boards will strive to improve the usefulness of financial reports, while also working to minimize or reduce the cost and complexity of providing that information. As part of that effort, the FASB will continue to consider the financial reporting needs of private companies through the recommendations of the Private Company Council and other means.ProcessMaintain and improve an effective and efficient standard-setting process._b14622da-d232-11e6-bb80-72430fbcdb3b1.1ReviewComplete a comprehensive review of their standard-setting process, consider ways to make that process more effective, and discuss the results of their review with the FAF Trustees' Standard-Setting Process Oversight Committee. _b14623a2-d232-11e6-bb80-72430fbcdb3b1.1.1FASBGASBCosts & BenefitsContinue to issue standards only when the expected benefits of the change justify the costs of the change. _b146247e-d232-11e6-bb80-72430fbcdb3b1.1.2FASBGASBThat means that the Boards will strive to determine whether the proposed standards meet a significant need and whether the costs imposed compared with possible alternatives (including the alternative of taking no action) are justified in relation to the overall expected benefits. In the course of that work, the Boards over time will seek to identify and incorporate improvements that would make the process of identifying and assessing benefits and costs more effective. The Boards also will identify ways to improve their communication with stakeholders regarding their consideration of costs and benefits in the standard-setting process.GAAPContinue efforts to improve GAAP by reducing complexity and reducing costs, while maintaining the usefulness of information provided to investors, lenders, donors, and other capital providers._b146255a-d232-11e6-bb80-72430fbcdb3b1.1.3FASBCodificationContinue to improve the presentation of the FASB Accounting Standards Codification® on the FASB Codification website to make it more useful and user-friendly, and also to improve the internal process through which changes in the FASB Codification are identified, approved, and incorporated into the FASB Codification website._b146262c-d232-11e6-bb80-72430fbcdb3b1.1.4FASBEffectivenssConsider the effectiveness of the Small Business Advisory Committee and the Emerging Issues Task Force and discuss the results of those reviews with the FAF Trustees' Standard-Setting Process Oversight Committee. _b1462712-d232-11e6-bb80-72430fbcdb3b1.1.5FASBSmall Business Advisory CommitteeEmerging Issues Task ForceFAF Trustees' Standard-Setting Process Oversight CommitteePrivate Company CouncilConduct a public review of the effectiveness of the Private Company Council. _b14627ee-d232-11e6-bb80-72430fbcdb3b1.1.6FAF Board of TrusteesPrivate Company CouncilWork ForceAttract, develop, and retain a high-quality and diverse work force._b14628ca-d232-11e6-bb80-72430fbcdb3b1.2RecruitmentEvaluate and improve the recruiting process for the FASB and the FASB staffs to enable the FASB and the GASB to hire the highest-quality staff members._b14629c4-d232-11e6-bb80-72430fbcdb3b1.2.1FAF Management TeamFASBGASBPerformance EvaluationReview and revise the organization's performance evaluation process to ensure it fairly and consistently recognizes and rewards productivity and commitment to our values. _b1462aaa-d232-11e6-bb80-72430fbcdb3b1.2.2FAF Management TeamFASBGASBProfessional DevelopmentImplement a comprehensive professional development program to help employees develop broader technical accounting proficiencies, project and people management skills, and leadership and related competencies. _b1462b86-d232-11e6-bb80-72430fbcdb3b1.2.3FASBGASBFAF Management TeamEducation & ExplanationEducate and explain to stakeholders the benefits of GAAP financial statements and the critical importance of an independent standard-setting process._b1462c8a-d232-11e6-bb80-72430fbcdb3b1.3EducationMaintain and enhance their existing education efforts._b1462d70-d232-11e6-bb80-72430fbcdb3b1.3.1FASBGASBThose efforts include the development of “plain-English” documents explaining FASB and the GASB standards to both technical and non-technical audiences (for example, "FASB In Focus," "Understanding Costs and Benefits," "The FASB Outlook," "The GASB Outlook," and "The GASB Report"), complimentary webinars explaining the key features of new standards (that also enable stakeholders to earn continuing education credits), and participation by the FASB and the GASB members and staffs in financial reporting conferences and symposia sponsored by other organizations.Web PortalExpand on the work done to date on the FAF web portal -- "The Importance of GAAP" -- that features educational material and videos regarding the benefits of GAAP to public companies, private companies, not-for-profit organizations, and state and local governments._b1462e60-d232-11e6-bb80-72430fbcdb3b1.3.2FAF Management TeamPublic CompaniesPrivate CompaniesNot-for-Profit OrganizationsState GovernmentsLocal GovernmentsSpeeches, Discussions, Webinars & OutreachLeverage the content developed for the web portal by incorporating its messages and materials into speaking engagements, panel discussions, webinars, and other forms of stakeholder outreach._b1462f64-d232-11e6-bb80-72430fbcdb3b1.3.3FAF Management TeamFASBGASBVideosIncorporate material from the web portal into new videos designed for the upcoming FAF, FASB, and GASB channels on YouTube. _b1463054-d232-11e6-bb80-72430fbcdb3b1.3.4FAF Management TeamTechnology StrategyDevelop a technology strategy to meet the future needs and priorities of the FAF, the FASB, and the GASB. _b146314e-d232-11e6-bb80-72430fbcdb3b1.4FAF Management TeamFAFFASBGASBIT SystemsIdentify the optimal future state of the information technology (IT) systems used by the FAF, the FASB, and the GASB and develop an implementation plan, which will include reshaping technology solutions, technical infrastructure, applications, and data formats. _b146325c-d232-11e6-bb80-72430fbcdb3b1.4.1FAF Management TeamFAFFASBGASBIT GovernanceReview the IT governance structure and modify it as needed to ensure that the technology infrastructure will sustain and promote the strategies and objectives of the FASB, the GASB, the FAF management, and the FAF Trustees._b1463360-d232-11e6-bb80-72430fbcdb3b1.4.2FAF Management TeamFASBGASBFAF TrusteesLeadershipDemonstrate a commitment to leadership in standard setting_b146355e-d232-11e6-bb80-72430fbcdb3b2The FASB and the GASB will create the highest-quality accounting standards through a process that reflects our core values. That will result in their work being recognized, respected, and emulated by others around the world. The FASB and the GASB standards will be recognized as a premier set of high-quality accounting standards. We will lead by example.Financial ReportingThe FASB will continue to execute its strategy of improving financial reporting_b1463d38-d232-11e6-bb80-72430fbcdb3b2.1(1) through the continued development of GAAP, (2) by actively participating in the development of International Financial Reporting Standards (IFRS), and (3) by enhancing relationships with other national standard setters.RelationshipsMaintain and strengthen cooperative relationships with other national and regional standard setters._b1463ec8-d232-11e6-bb80-72430fbcdb3b2.2Standards SettersAs an integral part of this strategy, the FASB will work to maintain and strengthen its existing cooperative relationships with other national and regional standard setters. The broader flow of information and ideas resulting from these relationships mutually informs each standard setter's thinking and contributes to the shared understanding of perspectives and circumstances that can reduce or avoid unnecessary differences among standards used internationally. In some cases, however, the FASB (or other national standard setters) may conclude that the best interests of its own capital markets outweigh the goal of completely converged accounting standards. IFRSParticipate in the development of IFRS._b1463ec9-d232-11e6-bb80-72430fbcdb3b2.3The FASB also will participate actively in the development of IFRS, providing input on projects of the International Accounting Standards Board (IASB) through the IASB's Accounting Standards Advisory Forum and through other means. The FASB will contribute to the development of IFRS by sharing views based on its past experience or developed through the FASB's due process, stakeholder outreach, analysis, and deliberations. The FASB believes that its efforts to improve GAAP benefit from the international perspectives gained through its interactions with the IASB. Public SectorExpand participation in and leadership of the discussion of international public sector financial accounting and reporting issues._b1463eca-d232-11e6-bb80-72430fbcdb3b2.4GASBThe GASB will expand its participation in and leadership of the discussion of international public sector financial accounting and reporting issues primarily through its continued involvement with the International Public Sector Accounting Standards Board, which develops accrual-based standards, used for the preparation of general purpose financial statements by governments and other public sector entities around the world.Accounting StandardsSupport the FASB and the GASB in their efforts to create the highest-quality accounting standards in a variety of ways._b1463ecb-d232-11e6-bb80-72430fbcdb3b2.5FAF Management TeamFASBGASBThe FAF management will develop and execute plans to communicate to the broadest possible audience the FASB and the GASB's standard-setting activities, including why the Boards’ work is important and how it promotes capital formation in the public interest. The FAF management will develop and execute plans for senior leaders to engage with government officials and organizations at the federal, state, and local levels to monitor -- and respond to -- potential threats to the independence of the standard-setting process. The FAF management will continue to develop relationships with appropriate counterparts at the International Financial Reporting Standards Foundation and with other international financial accounting and reporting organizations to support and promote the work of the FASB and the GASB in the international arena.TrustBuild and maintain trust with stakeholders_b1463ecc-d232-11e6-bb80-72430fbcdb3b3RelationshipsBuild trusted relationships and maintain and develop support from a broad range of our stakeholders._b1463ecd-d232-11e6-bb80-72430fbcdb3b3.1Collectively and individually, the FASB, the GASB, and the FAF management team will build trusted relationships with and seek to maintain and develop support from a broad range of our stakeholders, who play a critically important role in helping to maintain the independence of the standard-setting process.StakeholdersIdentify and prioritize our key stakeholder outreach._b1463ece-d232-11e6-bb80-72430fbcdb3b3.1.1FASB, GASB, and FAF management teamThe FASB, the GASB, and FAF management will identify and prioritize our key stakeholder outreach, both domestic and global; develop and implement a detailed plan of targeted outreach efforts, key messages, and the appropriate individuals from the FAF, the FASB, and the GASB to conduct those efforts. OutreachDevelop and implement a detailed plan of targeted outreach._b1463fc2-d232-11e6-bb80-72430fbcdb3b3.1.2PerceptionsIdentify and assess stakeholder perceptions of the FAF, the FASB, and the GASB and develop a plan to address any issues that may become apparent._b1464120-d232-11e6-bb80-72430fbcdb3b3.1.3FASBGASBFAF Management TeamThoughts & InputMaintain and build relationships with their respective stakeholders, sharing their thoughts -- and seeking input -- on specific financial accounting and reporting issues._b1464242-d232-11e6-bb80-72430fbcdb3b3.1.4FASBGASBNon-Technical Issues, Governance, Oversight & IndependenceMaintain and build relationships with stakeholders to seek input on non-technical issues related to financial accounting and reporting; the performance, governance, and oversight of the FASB and the GASB; and the independence of the standard-setting process. _b146435a-d232-11e6-bb80-72430fbcdb3b3.1.5FAF Management TeamKey StakeholdersDevelop a specific outreach plan for building and maintaining mutually productive and effective relationships with the organizations that played a key role in the founding of the GASB._b146449a-d232-11e6-bb80-72430fbcdb3b3.1.6GASBFAF Management TeamCouncil of State GovernmentsInternational City/County Management AssociationNational Association of CountiesNational Conference of State LegislaturesNational Governors' AssociationNational League of CitiesU.S. Conference of MayorsNational Association of State Auditors, Comptrollers and TreasurersGovernment Finance Officers AssociationThe GASB and the FAF management together will develop a specific outreach plan for building and maintaining mutually productive and effective relationships with the organizations that played a key role in the founding of the GASB. These organizations over the years have provided important counsel and guidance to the GASB and have functioned as an important sounding board for GASB leaders. The organizations are: the Council of State Governments; the International City/County Management Association; the National Association of Counties; the National Conference of State Legislatures; the National Governors' Association; the National League of Cities; the U.S. Conference of Mayors; the National Association of State Auditors, Comptrollers and Treasurers; and the Government Finance Officers Association. We will integrate those interactions with the GASB's overall stakeholder relationship-building plan.CulturePromote an ambassador culture._b14645c6-d232-11e6-bb80-72430fbcdb3b3.2As an organization, we will promote an ambassador culture. In other words, we will equip our leaders and staff to serve as ambassadors for the FASB, the GASB, and the FAF as a whole in their interactions with our stakeholders.AmbassadorsIdentify groups both within and outside the overall organization that we will include in our definition of "ambassadors."_b14646f2-d232-11e6-bb80-72430fbcdb3b3.2.1FASBThe FASB, the GASB, and the FAF management will identify specific groups both within and outside the overall organization that we will include in our definition of "ambassadors." These groups may include current and former members of the FAF Board of Trustees, current and former FASB and GASB members, current and former FAF, FASB, and GASB management and technical staff members; current and former fellows, current and former PTAs, and current and former members of the FASB and the GASB advisory groups.Talking PointsDevelop a set of talking points._b1464846-d232-11e6-bb80-72430fbcdb3b3.2.2FASBWe will develop a set of specific talking points, tailored to each group, on a range of current issues, including the Strategic Plan; the roles of the FASB and the GASB in the international standard-setting arena; specific FASB and GASB projects; and the appropriate role of the FAF Trustees and the FAF management in supporting and overseeing the standard-setting Boards.Transmission & UpdatingIdentify the appropriate mechanisms to transmit and update talking points._b1464986-d232-11e6-bb80-72430fbcdb3b3.2.3FASBWe will identify the appropriate mechanisms to transmit and update these talking points to each of these groups, including introductory material about why we seek to equip them with this information and how it should best be used.Personal OutreachProvide a deeper layer of personal outreach._b14651c4-d232-11e6-bb80-72430fbcdb3b3.2.4FASBBy enabling our ambassadors to discuss at a high level what we do, why we are doing it, and how we are doing it with colleagues, peers, and others, we will provide a deeper layer of personal outreach to our stakeholders.DiscoursePromote public discourse on current and future financial reporting issues._b146520a-d232-11e6-bb80-72430fbcdb3b4The FASB and the GASB, as well as the FAF organization as a whole, will establish themselves as influential thinkers -- or "thought leaders" -- to help shape and lead the discussion of important issues involving financial accounting and reporting and the financial accounting profession. Put simply, thought leadership means that the FASB, the GASB, and the FAF will become recognized authorities to key audiences by identifying and providing credible, innovative commentary on the most important issues facing those in the financial reporting system.Financial ReportingDevelop a process to identify and prioritize the financial reporting issues._b146520b-d232-11e6-bb80-72430fbcdb3b4.1Collectively we will develop a process to identify and prioritize the financial reporting issues that are foremost in our stakeholders’ minds and determine the channels we will use to share our views.Accounting & ReportingAddress issues related to financial accounting and reporting. _b146520c-d232-11e6-bb80-72430fbcdb3b4.2FASBGASBOther IssuesIdentify other issues of importance to the accounting profession and the appropriate leaders to address them. _b146520d-d232-11e6-bb80-72430fbcdb3b4.3FAF Management Team2015-04-30http://www.accountingfoundation.org/cs/ContentServer?c=Document_C&pagename=Foundation%2FDocument_C%2FFAFDocumentPage&cid=1176165920376OwenAmburOwen.Ambur@verizon.net