The CCAQ(FB) was the central forum in which the system's organizations reviewed major policy issues in the budgetary and financial area. It was the mechanism whereby the ACC provided a coordinated response to financial matters of concern to such bodies as the Fifth Committee of the General Assembly, governing bodies, and the Panel of External Auditors. The CCAQ(FB) was authorized by the ACC to take decisions on its behalf in virtually all financial matters.

On behalf of ACC, it reviewed the proposed budgets of jointly-financed activities and, with the exception of the ICSC and JIU, approved such budgets. The CCAQ(FB) often coordinated the responses of its member organizations to approaches by individual Member States or by groups of Member States.