User Advisory Council
The FASB established the User Advisory Council (UAC) to increase analyst participation in the accounting standard-setting process. The purpose of the UAC is to assist the FASB in raising awareness of how investors and investment professionals, equity and credit analysts, and rating agencies use financial information. The UAC will serve as a resource to the FASB both in formulating its technical agenda and in advising on specific agenda projects.
In the summer of 2002, the FASB sent letters to the Chief Executive Officers of the nation’s largest mutual funds, investment and commercial banks, rating agencies, and other groups to generate interest in the formation of the UAC and to obtain names of prospective members. By reaching out to a long list of user groups and major financial institutions to establish the UAC, the FASB recruited more than 40 professionals representing a variety of investment and analytical disciplines.
The FASB hosted its first meeting of the UAC in February 2003 in New York City. More than 30 members of the UAC attended the full-day session. The meeting agenda included an extensive orientation that discussed the Board and its history and process. The group also discussed several of the Board’s technical projects.
Future UAC meetings will concentrate on major Board projects that could significantly change financial information currently available to users. The Board expects to meet approximately twice each year with the UAC.
Additional Information
If you would like more information about the UAC, please email, call, or write:
Chandy C. Smith, Senior Technical Advisor
Financial Accounting Standards Board
401 Merritt 7
P.O. Box 5116
Norwalk, CT 06856-5116
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