FAF Issues 2021 Annual Report June 2, 2022 The Financial Accounting Foundation (FAF) has released its 2021 annual report. Among other things, the report includes: Letters from FASB, GASB, and FAF leaders. Details regarding major milestones over the FAF’s 50-year history. An overview of the FASB’s and GASB’s standard-setting activities. The FAF’s audited financial statements and MD&A. For more information, see the press release on the FAF’s Web site.