Financial Accounting Standards Board
Investors Technical Advisory Committee
The Financial Accounting Standards Board has established the Investors Technical Advisory Committee (ITAC) to increase participation in the standard-setting process by investors with strong technical accounting knowledge. The ITAC is a standing resource to the Board and FASB staff that provides technical accounting advice, from the investors’ perspective, on current projects. The ITAC also will identify critical accounting and financial reporting deficiencies that require the Board’s attention and will propose new items to be added to the Board’s agenda, both major projects and technical application and implementation activities. The ITAC will provide investor perspective on the implementation of new standards.
The FASB’s establishment of the ITAC represents the latest in a series of steps designed to enhance participation of investors and other users of financial information in the standard-setting process. In 2003, the FASB established the User Advisory Council (UAC) which includes representatives from individual and institutional investors, equity and debt analysts, lenders and credit rating agencies. In 2005, the FASB established the Investor Task Force, which is comprised of the nation’s largest institutional asset managers. Investors and other users also are represented on the Financial Accounting Standards Advisory Council, FASB’s Emerging Issues Task Force, and on FASB’s project resource groups. Each of these groups has contributed to increased participation by financial reporting users in FASB’s due process.
The ITAC comprises 12 individuals from the investment profession whose primary career focus is on accounting and financial reporting matters. The FASB will host its first meeting with the ITAC on January 11, 2007.
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