The Financial Accounting Standards Board said that it would assemble an investor task force -- a group comprised of top-level asset managers who will help advise the standard-setter on accounting issues relevant to Wall Street.
The task force includes mammoth financial concerns such as Fidelity Investments, Marsh & McLennan Cos.' Putnam Investments, T. Rowe Price Group Inc., Wellington Management Co., Mellon Financial Corp. and Capital Group Cos.
The ITF member firms will each provide a designated contact -- i.e. the director of research-- who will identify industry- specific analysts at their companies who align with the "sector" requirements of a particular standard-setting initiative.
The creation of the ITF is an extension of FASB's recent strategy to elicit investor participation in its standard-setting process, which has been often criticized as being too slow.
Two years ago, the board established its User Advisory Council -- whose membership includes institutional and individual investors. FASB said that investors are also represented in its Emerging Issues Task Force and its Advisory Council.
"We thank the ITF member firms for their commitment to this important initiative and encourage other institutions to participate in our due process," said FASB Chairman Bob Herz in a statement.
FASB predicted that it would conduct its first ITF research session in October 2005.
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