NORWALK, Conn.--(BUSINESS WIRE)--The Board of Trustees of the Financial Accounting Foundation (FAF) today voted to restructure the FAF Trustee committees to improve their overall effectiveness and efficiency. The restructuring, which will be effective January 1, 2017, was based on recommendations from a FAF Trustee working group in concert with FAF management.
In 2017, the FAF Trustee committees will be:
- Appointments. The new committee includes the same appointments responsibilities (for the FAF Trustees, Financial Accounting Standards Board, Governmental Accounting Standards Board, Private Company Council, Financial Accounting Standards Advisory Council, and Governmental Accounting Standards Advisory Council) as the current Appointments and Evaluations Committee.
- Audit and Finance. The committee retains all responsibilities from the current Audit and Compliance Committee and assumes all finance responsibilities from the current Finance and Compensation Committee.
- Human Resources. The new committee assumes all evaluations responsibilities from the current Appointments and Evaluations Committee, and assumes all compensation responsibilities from the current Finance and Compensation Committee. The Finance and Compensation Committee will be disbanded on December 31, 2016.
- Standard-Setting Process Oversight. The current Standard-Setting Process Oversight Committee retains all its responsibilities, and assumes all responsibilities from the current Private Company Review Committee, including oversight of the Private Company Council. The Private Company Review Committee will be disbanded on December 31, 2016. More information on this transition can be found within this press release.
- Executive. The current Executive Committee retains all its responsibilities (including governance, by-laws, personal activities/conflict of interest policies, Board of Trustees assessment).
The Board of Trustees approved initial charters for each of the above committees at their November 15, 2016 meeting. Those charters will be available on the FAF website on January 1, 2017.
More information on the role of the FAF Trustees can be found on the FAF website.
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards – known as Generally Accepted Accounting Principles, or GAAP – for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.