FAF report highlights strategic updates and renewed focus on stakeholder input
The Financial Accounting Foundation (FAF) has released its 2024 Annual Report, spotlighting a year defined by stakeholder engagement, key standard-setting progress, and updates to its strategic direction. The report reflects ongoing work by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) and outlines FAF’s efforts to support independent, high-quality accounting standards through inclusive and transparent processes.
FASB’s 2024 milestones include the finalisation of the long-awaited disaggregation of income statement expenses, continued review of revenue recognition and leases, and new proposals on environmental credits and government grants. GASB, meanwhile, introduced updates to its financial reporting model and launched a voluntary digital taxonomy project—laying groundwork for structured, machine-readable government reporting.
The FAF’s strategic plan also received an update, with new initiatives in AI governance, diversity, global standard-setting alignment, and sustainability monitoring. The Foundation reaffirmed its commitment to independence through broad engagement, noting over 98,000 stakeholders were reached across FASB and GASB events in 2024.
For the XBRL and digital reporting community, the report reinforces a steady shift toward transparency, digital-first infrastructure, and rigorous consultation. With structured data initiatives underway at both FASB and GASB, there are clear signals that modernised, accessible standards are becoming embedded in the US financial ecosystem.
Read the full FAF 2024 Annual Report here.
