Small Business Advisory Committee (SBAC)

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. In 2016, the FASB shifted the primary focus of the SBAC to small public companies. The role of the SBAC is to:
  • Provide focused input and feedback from a small public company perspective, considering whether there are differences in that input for small public versus private company perspectives
  • Assist the FASB and its staff in their consideration of whether private company accommodations should be extended to others in the small business community (for example, banks and other small public companies)
  • Advise on other matters for which the FASB may seek guidance.
The SBAC comprises between 15 to 20 members who demonstrates (a) a keen interest in and knowledge of financial accounting and reporting matters, (b) experience working within the small business sector, (c) a commitment to improving financial reporting for users of financial statements, and (d) the ability to provide input on a wide variety of financial reporting matters.
 

Recent Activities


The FASB is currently seeking nominations for the SBAC in 2021.

The SBAC plans to meet virtually on May 13, 2021.
 

Additional Information


The SBAC’s charter sets forth the purpose and responsibilities, the membership, and the operating procedures of the SBAC.

If you would like more information about the SBAC, please contact:
 
Alicia A. Posta
Assistant Director
401 Merritt 7
P.O. Box 5116
Norwalk, CT 06856-5116
Phone: (203) 956-5207
Fax: (203) 849-9714
Email: aaposta@fasb.org

Advisory Groups