Tag Archives: FAF

David A. Vaudt to Begin Seven-Year Term Starting July 1, 2013 NASHVILLE, TENN (APRIL 5, 2013) — In a recent announcement, the Financial Accounting Foundation (FAF) has named former National Association of State Boards of Accountancy (NASBA) Chair and Iowa Auditor of State, David A. Vaudt, as the next chairman of the Governmental Accounting Standards…

State Board Report July 2012 Both Financial Accounting Foundation Chair John J. Brennan and FAF President Teresa S. Polley expressed their appreciation to NASBA for the relationship that has developed between the two organizations. Chair Brennan told the Eastern Regional Meeting, "We thank NASBA for being great partners with the FAF – constructive, supportive and…

State Board Report June 2012 A new body to improve the process of setting accounting standards for private companies, the Private Company Council (PCC), was established by the Financial Accounting Foundation's (FAF) Board of Trustees on May 23, 2012. The FAF Trustees' vote to create the PCC came after months of deliberation that began with…

State Board Report March 2012 The Financial Accounting Foundation on March 1 completed its series of four roundtable sessions to solicit public comments about its “Plan to Establish the Private Company Standards Improvement Council,” released in October 2011. NASBA was one of the three parties that sponsored the Blue Ribbon Panel on Standard Setting for…

State Board Report November 2011 At the NASBA Board of Directors’ meeting, on October 21 in Nashville, the following resolution was passed by an overwhelming majority vote: “Authorized the President and Chair to communicate to the Financial Accounting Foundation (FAF) the following: The Board of Directors agrees with and commends the FAF process; Acknowledges the…

State Board Report November 2011 The Financial Accounting Standards Board has significantly increased its outreach to private companies, and taken steps to “make private company concerns an integral part of every standard-setting deliberation” it undertakes, FASB Chair Leslie F. Seidman told the NASBA Meeting. Steps taken include: initiation of a webcast education series that offers…

November 7, 2011 The Financial Accounting Foundation (FAF) will sponsor three public roundtables early next year and a live webcast later this month to enable interested parties to express their views and learn more about the FAF’s proposal to improve accounting standard setting for private companies. The hour-long webcast, set for November 18 from 1:30…

State Board Report October 2011 A proposal for the creation of the Private Company Standards Improvement Council (PCSIC) was released by the Financial Accounting Foundation’s (FAF) Board of Trustees on October 3, 2011. The PCSIC, under the oversight of the FAF, would identify accounting standards that require revisions for private companies, and then vote on specific…

October 21, 2011 A new private company plan was released October 4, 2011 for public comment by the Board of Trustees of the Financial Accounting Foundation (FAF). The centerpiece of the plan is a new council with the authority to identify, propose and vote on specific improvements to U.S. accounting standards for private companies. The…

Financial Accounting Foundation Reaches Out to Financial Information Users on Standard Setting for Private Companies NASHVILLE, TN, October 4, 2011– The National Association of State Boards of Accountancy (NASBA)  has praised the regulatory vigor demonstrated by the Financial Accounting Foundation (FAF), as it reached out to hear from users of financial information in its recent…