We consider a frame asynchronous coded slotted ALOHA (FA-CSA) system for uncoordinated multiple access, where users join the system on a slot-by-slot basis according to a Poisson random process, and in contrast to standard frame synchronous CSA (FS-CSA), users are not frame-synchronized. We analyze the performance of FA-CSA in terms of packet loss rate and delay. In particular, we derive the (approximate) density evolution that characterizes the asymptotic performance of FA-CSA when the frame length goes to infinity. We show that, if the receiver can monitor the system before anyone starts transmitting, a boundary effect similar to that of spatially coupled codes occurs, which greatly improves the iterative decoding threshold. Furthermore, we derive tight approximations of the error floor (EF) for the finite frame length regime, based on the probability of occurrence of the most frequent stopping sets. We show that, in general, FA-CSA provides better performance in both the EF and waterfall regions as compared to FS-CSA. Moreover, FA-CSA exhibits better delay properties than FS-CSA.