Small Business Advisory Committee
The FASB established the Small Business Advisory Committee (SBAC) in an effort 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 will offer greater opportunity to share ideas, knowledge, and experience with the Board as well as with the other group members.
In early 2004, the FASB sent letters to organizations in the small business community to obtain names of prospective members of the SBAC. From those recommendations, the FASB identified over 20 individuals representing users, preparers, and auditors in the small business community to serve on the SBAC. Those individuals will be a standing Board resource to provide an additional and ongoing source of input on issues before the Board, including issues raised in the development of FASB proposals.
The Board hosts meetings of the SBAC twice a year in Norwalk. The meetings are open to the public. Over the years, the group has discussed several FASB technical projects ranging from equity-based compensation and business combinations to international convergence and financial statement presentation. Representatives from the Securities and Exchange Commission and the Public Company Accounting Oversight Board also participate.
Additional Information
If you would like more information about the SBAC, please email, call, or write:
Paul H. Glotzer, Project Manager
Financial Accounting Standards Board
401 Merritt 7
P.O. Box 5116
Norwalk, CT 06856-5116
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