Small Business Advisory Committee (SBAC)—About
The FASB established the Small Business Advisory Committee (SBAC) to obtain more active involvement by the small business community in the development of financial accounting and reporting standards. While the FASB has met with representatives of small businesses in the past as part of its due process procedures, establishment of a formal committee that provides the perspectives of this group offers greater opportunity to share ideas, knowledge, and experience with the Board as well as with the other group members.
In early 2004, the FASB sent letters to organizations in the small business community to obtain names of prospective members of the SBAC. From those recommendations, the FASB identified over 20 individuals representing users, preparers, and auditors in the small business community to serve on the SBAC. Those individuals are a standing Board resource; they provide an additional and ongoing source of input on issues before the Board, including issues raised in the development of FASB proposals.
The Board hosts meetings of the SBAC twice a year in Norwalk. The meetings are open to the public. Over the years, the group has discussed several FASB technical projects ranging from equity-based compensation and business combinations to international convergence and financial statement presentation. Representatives from the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the American Institute of Certified Public Accountants, and the Private Company Financial Reporting Committee also participate.
If you would like more information about the SBAC, please contact:
- Alicia A. Posta
Executive Director, FASB Advisory Groups
Financial Accounting Standards Advisory Council
401 Merritt 7
P.O. Box 5116
Norwalk, CT 06856-5116
Phone: (203) 956-5207
Fax: (203) 849-9714