On February 27, 1993, based on the decision of the Minister of Defense of the Republic of Indonesia No. Kep/01/1/1993, the Faculty of Economics, in addition to organizing the Management Department, also opened two new departments, namely the Department of Economics and the Department of Accounting. The academic activities of these two departments began on September 6, 1993, which was established as the anniversary of these departments.
On April 1, 1995, UPN "Veteran" Yogyakarta, along with all the faculties and departments it managed, changed status from a Government-run Higher Education Institution (Perguruan Tinggi Kedinasan/PTK) to a Private Higher Education Institution (Perguran Tinggi Swasta/PTS). This change of status was stipulated in a joint decree between the Minister of Education and Culture and the Minister of Defense and Security on November 29, 1994, No. 0307/0/1994/Kep/10/X1/ 1994.
Effective from October 6, 2016, UPN "Veteran" Yogyakarta was designated as a State Higher Education Institution (Perguran Tinggi Negeri/PTN) based on Presidential Regulation No.121 of 2014. Furthermore, through the Regulation of the Minister of Research, Technology, and Higher Education of the Republic of Indonesia Number 39 of 2015, the Faculty of Economics UPN "Veteran" Yogyakarta officially became the FEB.