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.
In 2006, the foundation generated $41.6 million of revenue, partially from SOX fees and other contributions, and with more than $17 million coming from publication and subscription revenues. In all, the FAF provided 33 different product and service offerings directly to more than 40,000 customers. Through license and other distribution agreements, the foundation’s publications were accessed by more than 80,000 additional users.
The primary expenditure for the organizations continues to be for personnel. In 2006, $25.8 million was expended on salaries and benefits. The direct cost of sales of FAF and GASB publications and subscriptions tacked on another $4.4 million, including $3.4 million for the ongoing codification project of non-governmental GAAP literature. Facilities expenses ran to $1.8 million.
In addition to codification project, the groups are also pursing better XBRL-related activities to promote enhanced access to financial reporting information, and a number of efforts aimed at reducing the complexity of financial reporting.
The full report is available online, at www.fasb.org/annualreport/FAF_2006_AR.pdf.
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