FAF stops the bleeding.The bad news is that contributions to the Financial Accounting Foundation (FAF FAF abbr. financial aid form ) fell short of budget in 1998. What's the good news? Total contributions increased slightly over the prior year. The FAF is the entity that oversees and provides funding to the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). (FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). ) and the Governmental Accounting Standards Board The Governmental Accounting Standards Board (GASB) is currently the source of generally accepted accounting principles (GAAP) used by State and Local governments in the United States of America. (GASB GASB Governmental Accounting Standards Board ). Joseph La Gambina, executive vice president of the FAE placed part of the blame for declines in the board's funding on economic conditions and corporate mergers and restructurings. Others at the foundation have linked a decline in funding to unpopular accounting rules proposed by FASB. In the future, the FAF plans to increase its funding in part by generating more contributions from the "user community" (individuals and entities that use financial statements for investment purposes), said La Gambina.
Contributions
Year (in millions)
1998 $6.439(*)
1997 $6.38
1996 $6.44
1995 $6.36
(*) Estimated Source: Financial Accounting Foundation, Norwalk, Connecticut. [GRAPH OMITTED] |
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