Mission, Vision, and Core Values


Greater accountability and well-informed decision making through excellence in public-sector financial reporting.


To establish and improve standards of state and local governmental accounting and financial reporting that will:
    • Result in useful information for users of financial reports, and
    • Guide and educate the public, including issuers, auditors, and users of those financial reports.
The mission is accomplished through a comprehensive and independent process that encourages broad participation, objectively considers all stakeholder views, and is subject to oversight by the Financial Accounting Foundation’s Board of Trustees.

Core Values

Independence: The autonomy to pursue the best answer for all constituents, free from undue influence or pressure.

Integrity: Honest, ethical, and forthright behavior in relationships with all constituents.

Objectivity: Impartial decisions informed by credible research and thorough deliberations, including due consideration of the views of constituents and the work of other standards setters.

Transparency: An open process that encourages and values public participation.