The Financial Accounting Standards Board has created a new committee comprised of a dozen individuals from the investment community who regularly focus on accounting and financial reporting matters.
The Investors Technical Advisory Committee will serve as a resource for the board in obtaining user perspectives and insights on board projects. The ITAC will also help the board identify 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.
In a statement, FASB said the establishment of new committee was just the latest in a series of steps designed to enhance participation of investors and other users of financial information in the standard-setting process.
On Jan. 11, an organizational meeting will be held for the new committee, and FASB plans to meet with the group in public sessions at least twice each year. Meetings with the FASB staff are expected to occur on a quarterly basis.
Members of the committee include Lynn Turner, managing director of research for Glass, Lewis & Co.; Jack Ciesielski, president of R.G. Associates Inc.; and Rebecca McEnally, a director with the CFA Centre for Financial Market Integrity. The inaugural committee will also include members from Goldman, Sachs & Co., Standard & Poor's, Moody's Investors Service, Bear Stearns & Co. and the Council of Institutional Investors, among others.
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