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SEC/GAAP Watch - August 20, 2008
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The Board of Trustees of the Financial Accounting Foundation, the body that oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board, is to meet on August 26, 2008, in New York.
At the meeting, the Trustees are to hear reports from:
? The Chairman, President, Chief Operating Officer, and Treasurer of the FAF,
? The Chairman of the FASB,
? The Chairman of the Financial Accounting Standards Advisory Council (FASAC), a group that helps the FASB determine which items should be part of its standards-setting agenda,
? The Chairman of the GASB,
? The Chairman of the Governmental Accounting Standards Advisory Council (GASAC), which helps the GASB with its agenda, and
? The FAF's Development and Finance Committees.
The Trustees meet quarterly, and at the upcoming session, they are expected to discuss international convergence and the recent reorganization of the FASB and the GASB, which were outlined as priorities for 2008 in the FAF?s 2007 annual report. The FAF approved the reorganization in February 2008, and as a result, the FASB was reduced to five members from seven on July 1.
The FAF also hired executive search firm Ridgeway Partners of Boston to help it recruit qualified candidates to replace the Trustees whose terms will expire at the end of 2008.
The FAF's previous meeting in New York was the June 16 public forum, High-Quality Global Accounting Standards: Issues and Implications for U.S. Financial Reporting.
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