Small Business Advisory Committee (SBAC)

The FASB established the Small Business Advisory Committee (SBAC) in 2004 to obtain more active involvement by the small business community in the development of financial accounting and reporting standards. The role of the SBAC is to:
  • Provide focused input and feedback from a small public company perspective, considering whether there are differences in that input for small public versus private company perspectives
  • Assist the FASB and its staff in their consideration of whether private company accommodations should be extended to others in the small business community (for example, banks and other small public companies)
  • Advise on other matters for which the FASB may seek guidance.

Recent Activities

The FASB periodically undertakes an in-depth assessment of each of its advisory groups. In 2015, the FASB conducted an extensive review of the SBAC’s objective, operations, and membership composition. That review was completed in November 2015. Based on that review, the FASB decided to restructure the SBAC to focus on smaller public companies.

The FASB developed a new charter for the SBAC that describes the SBAC’s objective, operations, and operating procedures.

SBAC Nominations

The FASB is currently seeking nominations for individuals who would be interested in serving on the SBAC and who have relevant background in and experience with:
  • Preparing or auditing financial statements of small public businesses in various subsectors (such as technology, pharmaceutical, and others) or
  • Using a company’s financial statements in making various capital decisions (such as investing, extending credit, or other decisions).
The ideal candidates will be individuals who demonstrate (a) a keen interest in and knowledge of financial accounting and reporting matters, (b) experience working within the small business sector, (c) a commitment to improving financial reporting for users of financial statements, and (d) the ability to provide input on a wide variety of financial reporting matters. All recommendations received will be carefully reviewed and are subject to approval by the FASB Chair.

The SBAC will meet publicly once or twice a year in Norwalk, CT. SBAC members must be able to travel to, participate in, and prepare for the meetings held during the year. Membership on the SBAC is personal to appointed members, and members may not delegate their functions or their attendance at meetings to others. Members of the SBAC will be appointed for a one-year term and may be reappointed for three additional one-year terms. The FASB Chair may stagger membership tenure to establish an orderly rotation and maintain appropriate continuity on the SBAC.

Additional information about the SBAC is included in the charter.

Submitting Nominations

Those interested in participating in the SBAC nomination process are asked to provide the following information for each candidate for SBAC membership. (Individuals are permitted to nominate themselves.)
  • A completed nomination form
  • A resume, CV, or biographical profile
  • Any other background information that may be relevant to the individual’s candidacy for the SBAC.
Nominations are requested by June 8, 2016. Please submit all nomination-related materials to:

Lucy Cheng
Assistant Project Manager
401 Merritt 7
P.O. Box 5116
Norwalk, CT 06856-5116
Phone: (203) 956-5394

Additional Information

The SBAC’s charter sets forth the purpose and responsibilities, the membership, and the operating procedures of the SBAC.

If you would like more information about the SBAC, please contact:

Alicia A. Posta
Assistant Director
401 Merritt 7
P.O. Box 5116
Norwalk, CT 06856-5116
Phone: (203) 956-5207
Fax: (203) 849-9714