Financial Accounting Standards Board Seeks Nominations for Small Business Advisory Committee

Norwalk, CT—September 27, 2022—The Financial Accounting Standards Board (FASB) today announced that it is seeking nominations for new members to join its Small Business Advisory Committee (SBAC) for an initial one-year term beginning January 1, 2023.

The SBAC is a standing advisory group to the FASB with the focus on financial reporting issues that affect smaller public companies. Its role is to:

• Provide the FASB with 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.

Ideal SBAC member candidates are from or are currently serving small public companies, private companies that plan to access the public markets, and cooperatives.

Nominees to the SBAC should also have a relevant background in and significant experience with:

• Preparing or auditing financial statements of small public companies in various subsectors (such as biotechnology, pharmaceutical, manufacturers and distributors, technology, and others) or
• Using a company’s financial statements in making various capital decisions (such as investing, extending credit, or other decisions).

The SBAC usually meets publicly twice a year in Norwalk, Connecticut. SBAC members must be able to travel to, participate in, and prepare for the meetings held during the year.

Those interested in nominating a candidate for consideration should provide the candidate’s name, title, and (if available) resume or biography using the SBAC online nomination form. The deadline to submit nominations is October 7, 2022.

For more information, please contact Lucy Cheng at lcheng@fasb.org.