On February 27, 1993, based on the Decree of the Minister of Defense number : Kep/01/1/1993, the Faculty of Economics, in addition to organizing the Department of Management, also opened two new departments, namely the Department of Economics and the Department of Accounting. The academic activities of both departments began on September 6, 1993, which became the anniversary of the two departments.

On April 1, 1995, UPN "Veteran" Yogyakarta and all of its faculties and departments changed their status from an official university (PTK) to a private university (PTS). This transfer of status was outlined in a joint decree between the Minister of Education and Culture and the Minister of Defense and Security on November 29, 1994, number : 0307/0/1994 / Kep/ 10/X1/ 1994.

As of October 6, 2016, UPN "Veteran" Yogyakarta was designated as a state university (PTN) based on Presidential Regulation Number 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 of UPN "Veteran" Yogyakarta officially became the Faculty of Economics and Business (FEB).