From the President’s Desk

January 2011

Last month, we announced the launch of this new website, www.accountingfoundation.org. One of the goals of the FAF’s “own” website—separate from those of our standard-setting boards—is to help increase awareness of the FAF’s mission, operations, and activities. Our hope is that our constituents will not only come to better understand the role of the FAF in the achievement of the missions of the FASB and the GASB, but also will become more interested and engaged in the standard-setting process itself.

Communicating with constituents is a key objective of our organization, and it’s something that frankly we can always improve upon. The FASB and the GASB have formal and informal mechanisms to stay in contact with stakeholders. As for the FAF—I would say we haven’t been systematic enough in, first, communicating with you about our activities, and second, encouraging you to communicate with us about what’s on your mind.

So, we’re starting the New Year by embarking on a couple of communications initiatives. With this regular column, “From the President’s Desk,” I will share periodic updates and information about activities of the FAF Board of Trustees, and thoughts about issues of importance to the Trustees in their role of helping to preserve the independence of the standard-setting process while ensuring appropriate oversight and accountability of the FASB and GASB.

Second, in the interest of sparking two-way communications with us, we’re creating a new email address: presidentsdesk@f-a-f.org. A favorite aspect of my job is getting out and talking with constituents to hear their perspectives on financial reporting, standard setting, and related issues of concern. Our goal is to stay in regular touch with all of our key constituencies—I’m hoping to expand that dialogue via the internet. Send us an email! This new link will make it even easier for you to ask questions or share information on current issues relating to the FAF.

We have a lot on our agenda in the year ahead. Later this month, the FAF expects to receive the recommendations of the Blue Ribbon Panel on Private Companies. We also are making progress on our recently announced process to conduct post-implementation reviews of GASB and FASB standards, with a “beta” test underway. On GASB funding, the FAF will continue to work cooperatively with various parties to foster implementation of the related section of the Dodd-Frank bill. We just announced the appointments that will bring the FASB back to seven members. And of course, we will be spending time monitoring progress toward global standards as the FASB and IASB continue work on their Memorandum of Understanding. Expect to hear more about those and other activities in this space in the months ahead. In the meantime, please feel free to send an email and share your thoughts on what else you might like to hear about and how we can better communicate on a regular basis. Happy 2011!

   

FAF President and Chief Executive Officer