The FASAB serves the public interest by improving federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information.
The Mission Supports Public Accountability
Financial reports, which include financial statements prepared in conformity with generally accepted accounting principles, are essential for public accountability and for an efficient and effective functioning of our democratic system of government. Thus, the Board plays a major role in fulfilling the government’s responsibility to be publicly accountable. Federal financial reports should be useful in assessing (1) the government’s accountability and its efficiency and effectiveness, and (2) the economic, political, and social consequences, whether positive or negative, of the allocation and various uses of federal resources.
How the Mission is Accomplished
The FASAB supports its sponsors’ efforts to improve federal financial reporting and the larger federal financial management community’s efforts to meet its accountability responsibilities. Its mission is accomplished through a comprehensive and independent process that encourages broad participation and objectively considers stakeholder views. The FASAB strives to ensure:
- a timely, open, and thorough study of issues including consideration of the work of other standards-setters and the views of stakeholders.
- participation by a variety of stakeholders throughout the standards-setting process.
- due consideration of the costs and the benefits to the preparers and users of financial information prepared in conformity with generally accepted accounting principles.
- the common understanding of information provided through financial reporting by participating in educational efforts.
- the availability of implementation guidance through both formal and informal communication with preparers and auditors.
- its own accountability through governance practices that are transparent and consistent with the Memorandum of Understanding among its sponsors.