New FAF Microsite Celebrates Forty Years of the FASB

By Jason Bramwell
In commemoration of the fortieth anniversary of the Financial Accounting Standards Board (FASB), the Financial Accounting Foundation (FAF) unveiled a new section of its website that features audio, transcripts, and photos from the FASB@40 Conference that was held in New York City September 12.
The microsite, which launched November 18, also includes a From the President's Desk column from FAF President and CEO Terri Polley, who looks back on the last forty years of the FASB.
Created by the FAF in 1973, the FASB has worked to establish and improve financial accounting and reporting standards in the United States in order to provide decision-useful information to investors and other users of financial reports.
In her opening remarks at the FASB@40 Conference, Polley said, "I want to emphasize that the FAF and the FASB do not take the privilege that you've entrusted to us for granted. We have to continuously earn the right to our status as the independent standard-setting organization in the United States. We strive to do this by demonstrating our competence, our willingness to listen and learn, our ability to modify our thinking, to produce standards that will reflect economic activity fairly, and produce useful information in a cost-efficient manner. Continuous improvement of FASB standards and the process that leads to those standards is what the FASB and the FAF are all about." 
The web pages reflect on the FASB's past, the present standard-setting process environment, and the FASB's role in the future. Some features of the site include:
  • FASB Chairman Russell Golden's goals for the future presented in his closing remarks at the FASB@40 Conference.
  • One-on-one interviews with all the FASB chairs, from 1978 through 2013. Don Kirk, Denny Beresford, Ed Jenkins, Robert Herz, and Leslie Seidman share the challenges they faced during their tenures.
  • Biographies of FASB@40 Conference speakers and their accomplishments as influential leaders in the accounting industry through the years.
The site also features audio and transcripts from each of the following three panel discussions:
  • A Look Back addresses important moments in the FASB's history, including significant standards, the FASB Conceptual Framework, convergence, and the FASB Codification.
  • The Standard-Setting Process addresses issues related to standard setting, including the pros and cons of making changes to US Generally Accepted Accounting Principles (GAAP).
  • Future Issues for the FASB discusses major issues that lie ahead for the FASB and new accounting issues on the horizon.
"Our work has not always earned us the top award for popularity. In fact, some folks over the years have said some downright unkind things about us," Golden said during his speech at the FASB@40 Conference. "But in standard setting, seeking to do the right thing is rarely the path to victory in the contest to be the most popular. That's as it should be." 
Related article:

You may like these other stories...

Individuals interested in reviewing the proposed 2015 US Generally Accepted Accounting Principles (GAAP) taxonomy from the Financial Accounting Standards Board (FASB) have until October 31 to submit their written comments....
Ernst & Young 2013 audit deficiency rate 49%, regulators sayMichael Rapoport of the Wall Street Journal reported on Thursday that the Public Company Accounting Oversight Board (PCAOB) found deficiencies in 28 of the...
PwC must face $1 billion lawsuit over MF Global adviceA federal judge on Wednesday ordered PricewaterhouseCoopers (PwC) to face a $1 billion lawsuit claiming that its bad accounting advice was a substantial cause of the...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.