ABA Letter to FAF on Strategic Plan for 2022

Mr. John W. Auchincloss
Executive Director
Financial Accounting Foundation
401 Merritt 7
P.O. Box 5116
Norwalk, CT 06856-5116

Dear Mr. Auchincloss:

The American Bankers Association (ABA1) appreciates the opportunity to comment on the Strategic Plan Draft (May 2022) of the Financial Accounting Foundation (FAF), which provides oversight to the Financial Accounting Standards Board (FASB), and the Governmental Accounting Standards Board (GASB).2 Sound accounting principles that reflect the economics of the banking industry without undue operational burden are critical to a stable and effective banking system. The FAF, by virtue of its oversight of the FASB and GASB, is at the center of the processes and the people that help ensure the development of high quality standards. The ABA, representing both financial statement users and preparers, supports the FAF’s efforts to strategically look at the processes to improve financial accounting and reporting standards, and we generally agree with general themes espoused in the draft. We offer the following comments and suggestions for your consideration.

Download the comment letter to read the full text.