The Financial Accounting Standards Board has released its most recent annual report, showing strong financials and continuing to focus on a trio of ongoing initiatives.FASB is funded through accounting support fees provided for under the Sarbanes-Oxley Act, while its sister organizations -- the Government Accounting Standards Board and the Financial Accounting Foundation -- are funded, respectively, by voluntary financial support (primarily from government entities) and foundation revenues from publications and subscriptions.
FASB accounting support fees totaled $22.4 million in 2006, as approximately 8,800 registered public companies paid fees allocated on the basis of their relative equity market capitalization. GASB contributions for the year totaled $2.2 million, including a voluntary municipal bond fee program and a fair share campaign reaching out to 4,000 of the largest city and county governments.
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