In its new format, the SBAC is intended to serve as a standing resource for the FASB in obtaining input from smaller public companies on existing guidance, current and proposed technical agenda projects, and longer-term issues affecting those organizations.
“Since 2004, the SBAC has provided valuable input to the Board on issues affecting small public and private companies,” stated FASB Chairman Russell G. Golden. “With the Private Company Council (PCC) increasing its focus on providing the FASB with private company perspectives on the FASB’s active agenda projects, we decided to take another look at the SBAC’s purpose to eliminate the duplication of the PCC’s efforts.”
“Consequently, the FASB concluded that SBAC should shift its focus to the needs of small public companies, thereby further expanding our ability to serve all of our stakeholders by providing this unique group a dedicated voice in the process,” added Mr. Golden.
To ensure that the SBAC successfully fulfills its new role, the FASB appointed committee members who bring broad and varied experience to the table. They include those who have both managed investment portfolios and served on corporate boards, and those with both financial analyst and accounting accreditations.
This initiative further expands the FASB’s outreach to small businesses in its standard- setting process. The FASB anticipates that the SBAC will provide an important discussion forum on critical issues and a key vehicle for hearing perspectives from small public businesses. In addition to providing focused input from the sector, the SBAC is intended to help the Board and staff in communicating to the sector about recent and other existing guidance, current and proposed projects, and other issues of importance.
The first public meeting of the new SBAC will be announced on the FASB website in 2016.
The 16 new SBAC members are listed below:
|Gary Bachman||Chief Operating Officer (former CFO)||Pzena Investment Management, Inc.|
|Tim Caffrey||President/Portfolio Manager||Ty View Capital|
|Rick Day||Partner, National Director of Accounting||RSM US LLP|
|John Exline||CFO||Clark Investment Group|
|David Gonzales||Accounting analyst||Moody's|
|Shannon Greene||CEO||Tandy Leather|
|David W. Hinshaw||Managing Partner||Professional Standards Group and SEC Practice/Dixon Hughes Goodman LLP’s (DHG)|
|Robert Hoffman||CFO||AnaptysBio, Inc.|
|Cortney Johnson||CFO||All Web Leads|
|Skip Klein||Managing Director||Gauss Capital Advisors, LLC|
|Greg Kowieski||Partner||Moss Adams LLP|
|Marshall Minoux||Underwriting Director/Construction Services||Travelers|
|Doug Reynolds||Partner||Accounting Principles Consulting Group/Grant Thornton|
|Robert B. Vogt||Partner||Ernst & Young - Professional Practice Group serving the investees of our priority Private Equity clients|
|William Waller||Portfolio Manager/Managing Member||M3 Funds, LLC and M3F|
|John Zimmer||President||First Lake Advisors|
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.