Financial Accounting Foundation Releases Annual Report
Available on the Financial Accounting Foundation’s (“FAF”) website is a copy of its 2017 FAF Annual Report, “Standards That Work.” The annual report covers what the Financial Accounting Standards Board and the Governmental Accounting Standards Board do to support their standards so that the boards offer important information to investors and other financial statement users. Visit the FAF website to read the 2017 FAF Annual Report.
Gary Buesser Appointed to FASB
Financial Accounting Foundation Chairman Charles Noski has announced that Gary Buesser will replace outgoing Financial Accounting Standards Board (“FASB”) Marc Siegel next year. A director and research analyst of a global firm, Buesser has more than 30 years of experience covering investment management with financial statements. He is a member of the Financial Accounting Standards Advisory Council and served for two years as a co-chairman of the board’s Investor Technical Advisory Committee. Buesser will take Siegel’s seat on the FASB effective July 1, 2018.
Financial Accounting Foundation Seeks New FASAC Members
New members are requested for the Financial Accounting Standards Board’s (“FASB”) main advisory panel. The Financial Accounting Foundation is currently seeking candidates to join the Financial Accounting Standards Advisory Council (“FASAC”), a 35-member group that offers feedback on the FASB’s standard-setting projects and its priorities. The Financial Accounting Foundation wants nominees from private and public companies with a background in the financial services, retail, manufacturing, transportation, health care, agriculture, or service sector. Investors, such as securities analysts and hedge fund or private equity managers, and investment bankers, are also encouraged. Selected members will serve four one-year terms with the FASAC.. Read More.
FAF Trustees Continue GASB Scope of Authority Policy
The Financial Accounting Foundation’s (“FAF”) Board of Trustees recently approved the continuation of the Governmental Accounting Standards Board’s (“GASB”) scope of authority policy. The report, Three-Year Review of GASB Scope of Authority: Consultation Process Policy, offers the GASB and FAF’s Standard-Setting Process Oversight Committee a pre-agenda consultation roadmap for deciding whether information the GASB considers for standard-setting purposes fits the board’s standard-setting mission. The report also orders the FAF to assess the consultation process three years after implementation.
Four New Private Company Council Members Appointed
On Tuesday, the Financial Accounting Foundation’s Board of Trustees appointed the following new members to the Private Company Council (“PCC”): Jeremy Dillard, partner with Singer Lewak, LLP Michael Minnis, associate professor at the University of Chicago Booth School of Business Dev Strischek, retired senior vice president and senior credit policy officer, corporate risk management at SunTrust Banks, Inc. Frank Tarallo, chief executive officer at Theragenics Corporation Dillard, Stischek and Tarallo will replace Messrs. Jeff Bryan, Steve Brown and Larry Weinstock, whose terms on the PCC conclude December 31, 2017. In addition, the appointment of Minnis increases the number of PCC. Read More.
Financial Accounting Foundation 2016 Annual Report Issued
Now available for download and digital platforms is the Financial Accounting Foundation’s (“the Foundation”) 2016 Annual Report . The report highlights how last year’s standard-setting activities by the Financial Accounting Standards Board (“FASB”) and Governmental Accounting Standards Board (“GASB”) contributed to decisions made by those who rely on financial reporting. In addition, the 2016 Annual Report includes letters from FASB, GASB, and Foundation leaders, an overview of funding sources for all three organizations, and details on what the Foundation did to support standard-setting activities throughout 2016. An interactive digital version of the 2016 Annual Report includes a video for non-technical audiences entitled “The Importance of GAAP.” The tablet-friendly version also features listings of all three organizations’ advisory groups and their. Read More.