Small Business Advisory Committee (SBAC)—About

The FASB established the Small Business Advisory Committee (SBAC) in 2004 to obtain more active involvement by the small business community in the development of financial accounting and reporting standards. While the FASB has met with representatives of small businesses in the past as part of its due process procedures, establishment of a formal committee that provides the perspectives of this group offers greater opportunity to share ideas, knowledge, and experience with the Board as well as with the other group members.

The FASB periodically undertakes an in-depth assessment of each of its advisory groups. In 2015, the FASB conducted an extensive review of the SBAC’s objective, operations, and membership. That review was completed in November 2015. Based on that review, the FASB decided to restructure the SBAC to focus on smaller public companies. A Committee charter that incorporates that change will be developed in 2016. Additionally, the FASB will seek nominations for the restructured group in early-2016.

Additional Information

If you would like more information about the SBAC, please contact:

Alicia A. Posta
Executive Director, FASB Advisory Groups
Financial Accounting Standards Advisory Council
401 Merritt 7
P.O. Box 5116
Norwalk, CT 06856-5116
Phone: (203) 956-5207
Fax: (203) 849-9714