The Securities and Exchange Commission (“SEC”) has approved the fees that the Financial Accounting Standards Board (“FASB”) uses to aid operations.
In issuing Release No. 33-10297, Order Regarding Review of FASB Accounting Support Fee For 2017 Under Section 109 of the Sarbanes-Oxley Act Of 2002, the SEC requested that the FASB review the financial reporting taxonomy for presenting financial statements in the eXtensible Business Reporting Language. The FASB must also submit its findings prior to the SEC’s consideration for the 2018 support fee. In addition, the SEC wants to be informed about the FASB’s filled vacancies and efforts to improve the board’s standard-setting process. The FASB must also submit quarterly updates about its Investor Advisory Committee review. The SEC wants information regarding the panel’s suggestions on standard-setting activities, funding, membership, and meetings.
The yearly accounting support fees are the FASB’s biggest funding source.