NEWS RELEASE 01/02/07
Financial Accounting Standards Board Establishes Investors Technical Advisory Committee
Norwalk, CT, January 2, 2007The Financial Accounting Standards Board (FASB) today announced the establishment of the Investors Technical Advisory Committee (ITAC). Comprised of users of financial reports with strong technical accounting knowledge, ITAC members will serve as a standing resource for the FASB in obtaining further user perspectives and insights on Board projects.
The ITAC will help the Board identify urgent accounting and financial reporting issues, propose new items to be added to the Board’s agenda and provide perspectives on the implementation of new standards.
The FASB’s establishment of the ITAC represents the latest in a series of steps designed to enhance participation of investors and other users of financial information in the standard-setting process.
In 2003, the FASB established the User Advisory Council (UAC) which includes representatives from individual and institutional investors, equity and debt analysts, lenders and credit rating agencies. In 2005, the FASB established the Investor Task Force, which is comprised of the nation’s largest institutional asset managers. Investors and other users also are represented on the Financial Accounting Standards Advisory Council, FASB’s Emerging Issues Task Force, and on FASB’s project resource groups. Each of these groups have contributed to increased participation by financial reporting users in FASB’s due process.
“The establishment of ITAC marks another step forward in our commitment to further ensure that the views of investors and other users are firmly embedded in our process and reflected in the standards we develop,” said Robert Herz, Chairman of the FASB. “We thank the ITAC members for their commitment to this important initiative and continue to encourage other users to participate in the standard setting process.”
Initially, the ITAC will comprise of 12 individuals from the investment community who focus on accounting and financial reporting matters.
“As the ultimate beneficiary of the information our standards promulgate, the views of investors and other financial statement users are critical to our process,” said Donald Young, FASB Member. “ITAC will serve as an important resource and point of input into our standard-setting activities.”
On January 11, 2007 the FASB will hold an organizational meeting with the ITAC, a portion of which will be open to public observation. The FASB plans to meet with the ITAC in public sessions at least twice each year. Meetings with the FASB staff are expected to occur on a quarterly basis.
MEMBERS AS OF JANUARY 1, 2007
Michael C. Gyure
Mark C. LaMonte
Jeffrey P. Mahoney
Michael A. Moran
Marc A. Siegel
Lynn E. Turner
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.