About Us

Mission

The MISSION of the FFSC is to provide a national forum for developing standards and implementation guidelines for preparers and users of agricultural financial information that will promote consistency, uniformity, and integrity in financial analysis and reporting of agricultural producers.

Vision

The VISION of the FFSC is to:

  •  Address critical areas where standards are needed

  •  Supplement already existing bodies of general accounting and financial analysis

  •  develop standards in a timely manner

  •  ensure credibility through industry participation

  •  ensure standards are readily accessible

History

The Council came about because of the Farm Debt Crisis of 1983 to 1987. The Agricultural Division of the American Bankers Association commissioned the Report of the National Commission on Agricultural Finance. The report called for the need for standardization with particular reference to the development of:

  •  A universal loan application and

  •  Accounting standards for farm businesses.

It was indicated that efforts should address both loan documentation and accounting practices for analyzing farm businesses and collateralizing loans.

In January 1989, a Farm Financial Standards Task Force was created with the mandate to develop and publish standardized Financial Guidelines for Agricultural Producers. The Farm Financial Standards Task Force was incorporated in March 1993, as a Nebraska non-profit corporation, and on November 12, 1994, the corporate name was changed to Farm Financial Standards Council to more appropriately reflect a permanent organization.

Want to join? You can apply for membership here.