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.