To create and promote uniformity and integrity in financial reporting and analysis for agricultural producers.
To be recognized as the definitive resource of financial guidelines to benefit agricultural producers.
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 for 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 reflect more appropriately a permanent organization.