In an effort to increase involvement by the small business community in developing U.S. accounting standards, the Financial Accounting Standards Board (FASB) has established a Small Business Advisory Committee. Committee members will be a resource to the FASB in providing additional and ongoing input on accounting issues before the Board.
While the FASB has met with members of small business in the past as part of its due process procedures, establishment of a formal committee that provides the perspectives of this group will offer greater opportunity to share ideas, knowledge and experience with the Board as well as with the other group members.
"The FASB has always recognized small businesses as an important constituency," says FASB Chairman Robert H. Herz. "Formation of the Small Business Advisory Committee should be a win-win for everyone involved, and the Board looks forward to working with the group."
The Committee, whose members represent diverse perspectives and experiences, comprises 24 lenders, investors and analysts, preparers of financial statements from a broad range of businesses, including controllers and chief financial officers, and auditors from the small business community.
The Committee's inaugural meeting is slated for May at the FASB's offices in Norwalk, Connecticut.