Key Policy Issues

As part of their responsibilities, the Financial Accounting Foundation (FAF), the Financial Accounting Standards Board (FASB), and the Governmental Accounting Standards Board (GASB) monitor, assess and comment on a range of public policy issues related to accounting, financial reporting, and standard-setting. Those issues include the future of international accounting standard-setting, the accounting policy concerns of private companies and their stakeholders, and other matters of concern identified by Congress, other branches of government, professional associations, other stakeholders, and the public.

The FAF’s mission includes informing federal, state and local government officials of issues that affect accounting standard-setting in the United States. The FAF carries out that mission through its government affairs and external relations department, which acts as a liaison to key public policy stakeholders—including Congress, the Administration, state and local governments and professional associations.

In addition to that formal activity, the leaders of the FAF, FASB, and GASB comment on issues and policy questions related to standard-setting in public speaking appearances and online commentaries. Below are recent speeches, commentaries, and Congressional testimony that address important financial accounting and reporting issues.

International Accounting

FAF/FASB Statement on Remarks of SEC Chief Accountant James Schnurr at AICPA Conference | December 8, 2014

Letter from FASB Chairman Russell G. Golden to Senator Carl Levin of the Permanent Subcommittee on Investigations | November 19, 2014

Letter to the FASB from Senator Carl Levin of the Permanent Subcommittee on Investigations
Regarding the FASB’s accounting convergence projects with the International Accounting Standards Board, with a focus on the revenue recognition project | October 14, 2014

Letter to the FAF from the National Association of State Boards of Accountancy regarding FAF Contribution to IFRS Foundation | February 14, 2014

Commentary by FAF President and CEO Teresa S. Polley
FAF Contribution to IFRS Foundation

Remarks of FASB Chairman Russell G. Golden
Joint Meeting of the Japanese Chapter of Financial Executives International and Keidanren (a Major Japanese Business Roundtable Organization) in Tokyo | October 16, 2013

Remarks of FASB Chairman Russell G. Golden
FASB@40 Conference in New York, NY | September 12, 2013

Remarks of FASB Member Russell G. Golden
32nd Annual SEC and Financial Reporting Institute Conference, University of Southern California Leventhal School of Accounting | May 30, 2013

Remarks of FASB Chairman Leslie F. Seidman
12th Annual Baruch College Financial Reporting Conference | May 2, 2013

Commentary by FAF President and CEO Teresa S. Polley
FASB membership in ASAF

Remarks of FASB Chairman Leslie F. Seidman
AICPA National Conference on SEC and PCAOB Developments | December 4, 2012

Increasing Diversity in Accounting

Webpage
Commentary by FAF President and CEO Teresa S. Polley
Howard University Study
Building a Bigger Pipeline: Increasing Diversity in the Accounting Profession. Featuring Howard University’s Study on Attracting Minorities to Accounting.

Private Companies

Commentary by FAF President and CEO Teresa S. Polley
Private Company Council and Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs)

U.S. GAAP Taxonomy

Remarks by R. Harold Schroeder, FASB Board Member
XBRL US Conference | September 24, 2013

Commentary by FAF President and CEO Teresa S. Polley
Improving Financial Reporting Through the U.S. GAAP Taxonomy | September 2012

Congressional Testimony

Written Testimony Submitted by FASB Chairman Leslie F. Seidman
U.S. House of Representatives Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises | March 28, 2012

Written Testimony Submitted by GASB Chairman Robert H. Attmore
U.S. House of Representatives Financial Services Subcommittee on Capital Markets and Government | March 28, 2012

Written Testimony Submitted by FASB Technical Director Susan M. Cosper
U.S. House of Representatives Financial Services Subcommittee on Oversight and Investigations | March 28, 2012
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