FAF TRUSTEES RESTRUCTURE COMMITTEES
TO IMPROVE OVERALL EFFECTIVENESS AND EFFICIENCY
Norwalk, CT—November 15, 2016—The Board of Trustees of
the Financial Accounting Foundation (FAF) today voted to restructure the
FAF Trustee committees to improve their overall effectiveness and
efficiency. The restructuring, which will be effective January 1, 2017,
was based on recommendations from a FAF Trustee working group in concert
with FAF management.
In 2017, the FAF Trustee committees will be:
The Board of Trustees approved initial charters for each of the above
committees at their November 15, 2016 meeting. Those charters will be
available on the FAF website on January 1, 2017.
- Appointments. The new committee includes the
same appointments responsibilities (for the FAF Trustees, Financial
Accounting Standards Board, Governmental Accounting Standards Board,
Private Company Council, Financial Accounting Standards Advisory
Council, and Governmental Accounting Standards Advisory Council) as the
current Appointments and Evaluations Committee.
- Audit and Finance. The committee retains all responsibilities from the current Audit and Compliance Committee and assumes all finance responsibilities from the current Finance and Compensation Committee.
- Human Resources. The new committee assumes all evaluations responsibilities from the current Appointments and Evaluations Committee, and assumes all compensation responsibilities from the current Finance and Compensation Committee. The Finance and Compensation Committee will be disbanded on December 31, 2016.
- Standard-Setting Process Oversight. The current Standard-Setting Process Oversight Committee retains all its responsibilities, and assumes all responsibilities from the current Private Company Review Committee,
including oversight of the Private Company Council. The Private Company
Review Committee will be disbanded on December 31, 2016. More
information on this transition can be found within this press release.
- Executive. The current Executive Committee
retains all its responsibilities (including governance, by-laws,
personal activities/conflict of interest policies, Board of Trustees
More information on the role of the FAF Trustees can be found on the FAF website.
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the
independent, private-sector, not-for-profit organization based in
Norwalk, Connecticut responsible for the oversight, administration,
financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board
(GASB). The FASB and GASB establish and improve financial accounting
and reporting standards—known as Generally Accepted Accounting
Principles, or GAAP—for public and private companies, not-for-profit
organizations, and state and local governments in the United States. For
more information, visit www.accountingfoundation.org.