FASB Enrolls Investment Community in Standard Setting Process
To increase the investment community’s participation in the accounting standard setting process, the Financial Accounting Standards Board (FASB) has established a User Advisory Council. The FASB will host its first meeting of the User Advisory Council on Thursday, February 13, at the Grand Hyatt in New York City.
The Council will assist the FASB in raising awareness of how investors and investment professionals, equity and credit analysts and rating agencies use financial information. The Council will serve as a resource to the FASB both in formulating its technical agenda and on specific projects that the Board undertakes.
By reaching out to a long list of user groups and major financial institutions to establish the Council, the FASB has recruited more than 35 professionals, representing a variety of investment and analytical disciplines.
Council meetings will concentrate on major Board projects that could significantly change financial information currently available to users. The February 13 meeting will cover a range of issues from accounting for financial instruments, to revenue recognition, to pension accounting.
The February 13 meeting is open to the public. Because observation seating is limited, it is important to reserve a seat in advance by contacting the FASB at 203-847-0700, extension 304.
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Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.