MEDIA ADVISORY 06/29/11
Financial Accounting Standards Board Launches Website Portal for Nonpublic EntitiesNorwalk, CT, June 29, 2011—The Financial Accounting Standards Board (FASB) today announced the launch of its new web portal for nonpublic entities. The portal is designed to make the latest information about FASB activities focused on private companies and not-for-profit organizations easily accessible to stakeholders.
“Our launch of the Nonpublic Entities web portal is the latest in the series of changes in staffing, processes, communication, and outreach efforts that the FASB has been making to better serve the private company and not-for-profit sectors,” stated FASB member Daryl Buck. “This portal will help those constituents more easily find and stay informed about the FASB’s activities involving those sectors.”
The new web portal serves as a clearinghouse for information, resources, and links related to FASB projects of relevance to nonpublic entity stakeholders. It includes updates on recent decisions on FASB projects, as well as updates on upcoming meetings, outreach efforts, nonpublic entity webcasts, and recent meeting minutes.
In addition to offering “one-stop shopping” for FASB activities in the nonpublic entity arena, the web portal also links users directly to information about the Financial Accounting Foundation (FAF) initiative on nonpublic entities. This includes progress made by the FAF Trustee Working Group on its initiative to improve financial reporting for nonpublic entities.
The FASB nonpublic entities website portal can be accessed at www.fasb.org.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.