Which organization does FASAB not operate under?

The Federal Accounting Standards Advisory Board (FASAB) is a crucial entity in establishing accounting standards for the federal government. It operates under the auspices of several key organizations that provide oversight and governance.

The correct choice indicates that FASAB does not operate under the Financial Accounting Foundation (FAF). FAF is primarily responsible for overseeing the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), but it is not involved in the oversight or operation of FASAB.

FASAB's operating framework includes the Government Accountability Office (GAO), the Office of Management and Budget (OMB), and the U.S. Department of the Treasury. Each of these entities plays a role in federal financial reporting and accounting, supporting FASAB's mission to enhance the accountability and transparency of federal financial reporting.

Thus, while FASAB collaborates with the GAO, OMB, and the Treasury Department, it does not function under the authority of FAF, making it the correct response.