Facts About FASBSince 1973, the Financial Accounting Standards Board (FASB) has been the designated organization in the private sector for establishing standards of financial accounting that govern the preparation of financial reports by nongovernmental organizations. Those standards are officially recognized as authoritative by the Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants.
Meet the BoardThe seven members of the FASB serve full time and, to foster their independence, are required to sever connections with the firms or institutions they served before joining the Board. While they individually have diverse backgrounds, each has a concern for investors, other users, and the public interest in matters of accounting and financial reporting and they collectively have "knowledge of accounting, finance, business, accounting education, and research.”’
Advisory GroupsThe primary role of advisory group members is to share their views and experience with the Board on matters related to projects on the Board’s agenda, possible new agenda items, practice and implementation of new standards, and strategic and other matters. Information provided by advisory group members is communicated to the Board in a variety of ways, including public advisory meetings and comment letters.
- Russell G. Golden, Chairman
- Daryl E. Buck
- Thomas J. Linsmeier
- R. Harold Schroeder
- Marc A. Siegel
- Lawrence W. Smith
- Financial Accounting Standards Advisory Council (FASAC)
- Investors Technical Advisory Committee (ITAC)
- Not-for-Profit Advisory Committee (NAC)
- Small Business Advisory Committee (SBAC)
- Susan M. Cosper, Technical Director & Chairman, Emerging Issues Task Force
- Ronald W. Lott, Research Director
- Suzanne Q. Bielstein, Director, Planning and Support
- Alicia A. Posta, Executive Director, Advisory Groups
- Jeffrey D. Mechanick, Assistant Director
- Peter C. Proestakes, Assistant Director
- J. Louis Matherne, Chief of Taxonomy Development
The FASB accomplishes its mission through a comprehensive and independent process that encourages broad participation, objectively considers all stakeholder views, and is subject to oversight by the Financial Accounting Foundation’s Board of Trustees.