The 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.
CURRENT ADVISORY GROUPSFASB Advisory Groups are standing resources to the FASB and its staff, and include:
- Financial Accounting Standards Advisory Council (FASAC)
FASB’s primary advisory group formed in 1973 concurrent with the establishment of the FASB.
- Investor Advisory Committee (IAC)
Provides advice, from the investors’ perspective, on current and potential FASB agenda projects.
- Not-for-Profit Advisory Committee (NAC)
Provides advice on existing guidance, current and proposed technical agenda projects, and longer-term issues related to the not-for-profit sector.
- Small Business Advisory Committee (SBAC)
Provides advice on FASB projects related to the operationality and the anticipated costs, complexities, and benefits of potential solutions principally from a small public company perspective.
FORMER ADVISORY GROUPS
- Financial Crisis Advisory Group (FCAG)
Finite-lived group that provided advice to the FASB and International Accounting Standards Board (IASB) about standard-setting implications of (1) the global financial crisis and (2) potential changes to the global regulatory environment.
- Private Company Financial Reporting Committee (PCFRC)
Represented non-public business entities and focused on how standard-setting affects day-to-day technical activities and procedures from a cost/benefit perspective. Ceased existence at the end of 2012, and its advisory role on behalf of private companies was subsumed within the responsibilities of the Private Company Council.