FAF Annual Report Highlights New Initiatives

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The FAF's 2010 Annual Report, released last week, highlights new initiatives undertaken by the Financial Accounting Foundation - overseer of the FASB and GASB - in the past year. Highlights noted in the letter from FAF Chairman John J. Brennan, and FAF President and CEO Terri Polley, which appears in the annual report, include:
 

  • the FAF's 'Listening Tour' of 2009, in which members of the FAF Trustees travelled around the country listening to constituents, resulting in a number of actions taken by the FAF, including the formation (with the AICPA and NASBA) of the Blue Ribbon Panel on Standard-Setting at Private Companies
  • the 'post-implementation review process' for FASB and GASB standards, launched in 2010
  • video webcasting of FASB board meetings (a change from prior audio-only webcasts) and webcasting of FASB Education Sessions
  • expanded outreach through the FAF's own website, including a periodic online update from FAF President Terri Polley, From the President's Desk,
  • taking on the responsibility for the ongoing maintenance of the US GAAP Financial Reporting Taxonomy - for eXtensible Business Reporting Language or XBRL - applicable to public issuers registered with the US Securities and Exchange Commission (SEC).
  • new appointments in 2010, including Leslie Seidman as Chairman of the FASB; Russ Golden, Daryl Buck, and Hal Schroeder as new FASB board members, and four new FAF members: John Davidson of Tyco, Steve Howe of Ernst & Young, Mack Lawhon of Weaver, LLP and Mary Stone of the University of Alabama.
  • Read additional highlights from the annual report, including the letters from the FASB and GASB Chairmen, and additional information in the annual report, here.

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