This video describes the structure and role of the Financial Accounting Foundation (FAF). The FAF is a nonprofit organization with 14 to 18 trustees and a management team. The FAF provides oversight for the Financial Accounting Standards Board (FASB), the Financial Accounting Standards Advisory Committee (FASAC), the Private Company Council (PCC), the Governmental Accounting Standards Board (GASB), and the Governmental Accounting Standards Advisory Committee (GASAC). The FAF also selects the board members for the FASB and the GASB.

FAF stands for “Financial Accounting Foundation.” The FAF is a nonprofit organization with 14 to 18 trustees and a management team.  The FAF provides oversight for the Financial Accounting Standards Board (FASB), the Financial Accounting Standards Advisory Committee (FASAC), the Private Company Council (PCC), the Governmental Accounting Standards Board (GASB), and the Governmental Accounting Standards Advisory Committee (GASAC).  The FAF also selects the board members for the FASB and the GASB.

Think of it like this: if the FASB were an ice cream shop, then the FAF would decide who gets to work at the ice cream shop.  And GAAP would be the ice cream.

Now go treat yourself to some ice cream.