Advisory Groups
FASB Advisory Groups
The primary role of advisory group members is to share their views and experience with the Board on matters related to projects on the Board’s agenda, possible new agenda items, practice and implementation of new standards, and strategic and other matters. Information provided by advisory group members is communicated to the Board in a variety of ways, including public advisory meetings and comment letters.FASB Advisory Groups are standing resources to the FASB and its staff, and include:
- Financial Accounting Standards Advisory Council (FASAC)
FASB’s primary advisory group formed in 1973 concurrent with the establishment of the FASB.
- Financial Crisis Advisory Group (FCAG)
Finite-lived group that provided advice to the FASB and International Accounting Standards Board (IASB) about standard-setting implications of (1) the global financial crisis and (2) potential changes to the global regulatory environment.
- Investor Task Force (ITF)
Comprised of the largest institutional asset managers in the United States, providing the FASB with sector specific insight and expertise.
- Investors Technical Advisory Committee (ITAC)
Provides technical accounting advice, from the investors’ perspective, on current and potential FASB agenda projects.
- Not-for-Profit Advisory Committee (NAC)
Provides advice on existing guidance, current and proposed technical agenda projects, and longer-term issues related to the not-for-profit sector.
- Private Company Financial Reporting Committee (PCFRC)
Represents non-public business entities and focuses on how standard-setting affects day-to-day technical activities and procedures from a cost/benefit perspective.
- Small Business Advisory Committee (SBAC)
Focuses on increasing the opportunities for small business community members to share their ideas, knowledge, and experience with the FASB, as well as with the other group members.
- Valuation Resource Group (VRG)
Provides information on the existing implementation issues surrounding fair value measurements used for financial statement reporting purposes and the alternative viewpoints associated with those implementation issues.