The FASB got its start back in 1973 and since then they have been following out their mission. "The mission of the FASB is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports (FASB, 2012)." They follow this mission through a comprehensive and independent process that encourages participation. During this process it considers all stakeholders views, and is also subject to oversight by the financial accounting foundation's board of trustees.