Definition of Financial Accounting Foundation (FAF)

institution that funds the Financial Accounting Standards Board (FASB) and appoints its members. Founded in 1972, the FAF is composed of nine trustees chosen by the board of directors of the american institute of certified public accountants (AICPA). They are the president of the AICPA, four CPAs who are accounting practitioners in public practice, two financial executives, one financial analyst, and one academician. Organizations that sponsor the FAF are AICPA, Financial Executives Institute, Financial Analysts Federation, National Association of Accountants, Securities Industry Association, and American Accounting Association.