The Financial Accounting Standards Board is marking a half century of service and received a special proclamation from the mayor of Norwalk, Connecticut, where FASB is based.
Last Wednesday, Norwalk Mayor Harry Rilling joined members of FASB to commemorate FASB's 50 years of service to the U.S. capital markets. He presented the proclamation to FASB chair Richard Jones and his fellow members and staff on the board.
FASB sets financial accounting and reporting standards under U.S. GAAP for public and private companies and not-for-profit organizations and is officially recognized by the Securities and Exchange Commission as the standard-setter for public companies.
"On March 8, 1973, the FASB held its very first meeting—in office space borrowed from the American Thread Company in Stamford, Connecticut," Jones stated. "Since then, hundreds of board and staff members have worked to earn the responsibility entrusted to the FASB: to develop and improve accounting and reporting standards that provide useful information to investors and other allocators of capital. This milestone was made possible by the thousands of stakeholders who, over five decades, have engaged with and shared their views with us and we thank them for their support."
John Auchincloss, executive director of the Financial Accounting Foundation, which oversees FASB and its sister standard-setter for state and local governments, the Governmental Accounting Standards Board, as well as the Private Company Council, began the ceremony at 2:30 p.m., followed by brief remarks from Mayor Rilling who presented the proclamation. Greater Norwalk Chamber of Commerce president and CEO Brian Griffin also attended the event and congratulated FASB's members on the milestone anniversary.
