Financial Accounting Standards Board Establishes Investors Technical Advisory Committee.NORWALK, Conn. -- The Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). (FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). ) today announced the establishment of the Investors Technical Advisory Committee (ITAC ITAC Information Technology Association of Canada ITAC Information Technology Advisory Committee ITAC Identity Theft Assistance Center (Financial Services Roundtable) ITAC International Telework Association and Council ). Comprised of users of financial reports with strong technical accounting knowledge, ITAC members will serve as a standing resource for the FASB in obtaining further user perspectives and insights on Board projects. The ITAC will help the Board identify urgent 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. The FASB's establishment of the ITAC represents the latest in a series of steps designed to enhance participation of investors and other users of financial information in the standard-setting process. In 2003, the FASB established the User Advisory Council (UAC (User Account Control) The management of user accounts in Windows Vista. Because malware has greater control of the computer when it is running in administrator mode, UAC was designed to enable more users to run their computers as a standard user rather than as ) which includes representatives from individual and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , equity and debt analysts, lenders, and credit rating agencies Credit Rating Agencies Firms that compile information on and issue public credit ratings for a large number of companies. . In 2005, the FASB established the Investor Task Force, which is comprised of the nation's largest institutional asset managers. Investors and other users also are represented on the Financial Accounting Standards Advisory Council, FASB's Emerging Issues Task Force, and on FASB's project resource groups. Each of these groups has contributed to increased participation by financial reporting users in FASB's due process. "The establishment of ITAC marks another step forward in our commitment to further ensure that the views of investors and other users are firmly embedded Inserted into. See embedded system. in our process and reflected in the standards we develop," said Robert Herz, chairman of the FASB. "We thank the ITAC members for their commitment to this important initiative and continue to encourage other users to participate in the standard-setting process." Initially, the ITAC will comprise of 12 individuals from the investment community who focus on accounting and financial reporting matters. "As the ultimate beneficiary beneficiary Person or entity (e.g., a charity or estate) that receives a benefit from something (e.g., a trust, life-insurance policy, or contract). A primary beneficiary receives proceeds from a trust or insurance policy before any other. of the information our standards promulgate To officially announce, to publish, to make known to the public; to formally announce a statute or a decision by a court. , the views of investors and other financial statement users are critical to our process," said Donald Young Donald Young may refer to:
On January 11, 2007, the FASB will hold an organizational meeting with the ITAC, a portion of which will be open to public observation. The FASB plans to meet with the ITAC in public sessions at least twice each year. Meetings with the FASB staff are expected to occur on a quarterly basis.
INVESTORS TECHNICAL ADVISORY COMMITTEE
MEMBERS AS OF JANUARY 1, 2007
Neri Bukspan, Janet Pegg,
Chief Accountant Senior Managing Director
Standard & Poor's Accounting & Taxation Research
Bear Stearns & Co.
Jack Ciesielski,
President Marc A. Siegel,
R.G. Associates, Inc Global Director of Research
Center for Financial Research
Michael C. Gyure, & Analysis
Accounting Research Analyst
FTN Midwest Securities Lynn E. Turner,
Managing Director of Research
Adam Hurwich, Glass, Lewis & Co., LLC
Managing Member
Calcine Management LLC Chad Yeftich,
Senior Analyst
Mark C. LaMonte, Maverick Capital, Ltd.
Vice President-Senior Credit Officer
Moody's Investors Service
Jeffrey P. Mahoney,
General Counsel
Council of Institutional Investors
Rebecca McEnally,
CFA Centre for Financial Market
Integrity
Michael A. Moran,
Global Investment Research
Portfolio Strategy/Accounting
Goldman, Sachs & Co.
About the Financial Accounting Standards Board Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants With over 330,525 CPA members (in August 2006), the American Institute of Certified Public Accountants (AICPA) is the largest professional organization of Certified Public Accountants (CPAs) in the United States of America. . Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together , and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org. |
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