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Intermediate Accounting I Final Paper

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Intermediate Accounting I Final Paper
In 1973, the Financial Accounting Standards Board (FASB) was created and their mission is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.” (FASB.org, 2009a). The FASB is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. Therefore, the FASB plays a vital and important role in protecting the financial well being and the overall stability of our economy.
“The Financial Accounting Foundation (FAF), organized in 1972, is the independent, private-sector organization with responsibility for the oversight, administration, and finances of the Financial Accounting Standards Board (FASB)” (FAF, 2009).
The five members of the FASB serve full time and are required to sever connections with the firms or institutions they served prior to joining the Board. While collectively they represent diverse backgrounds, they also must possess “knowledge of accounting, finance, and business, and a concern for the public interest in matters of financial accounting and reporting.” Board members are appointed for five-year terms and are eligible for reappointment to one additional five-year term. Expiration dates (on June 30) of current terms are indicated (FASB.org, 2009b).

The Current Board Members are as follows:
• Robert H. Herz, Chairman, 2012 - Robert H. Herz was appointed chairman of the Financial Accounting Standards Board (FASB), effective July 1, 2002, and was reappointed to a second term effective July 1, 2007. Previously, he was a senior partner with PricewaterhouseCoopers. Prior to joining the FASB, Mr. Herz was PricewaterhouseCoopers North America Theater Leader of Professional,


References: Bradford, Tiffany. Aug 6, 2007. GAAP and Accounting Standards. Retrieved March 21, 2011, from: http://gaap-standard-accounting-practices.suite101.com/article.cfm/what_is_gaap#ixzz0WcikkbQR FAF. 2009. Financial Accounting Foundation. March 21, 2011, from: http://www.fasb.org/faf/index2.shtml FASB.org. (2009a). Facts about FASB. Retrieved. March 21, 2011, from: http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176154526495 FASB.org. (2009b). Facts about FASB. Retrieved March 21, 2011, from: http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220131802 FASB.org. (2009c). Facts about FASB. Retrieved. March 21, 2011, from: http://www.fasb.org/facts/factsrhh.shtml FASB.org. (2009d). Facts about FASB. Retrieved. March 21, 2011, from: http://www.fasb.org/facts/factstjl.shtml FASB.org. (2009e). Facts about FASB. Retrieved. March 21, 2011, from: http://www.fasb.org/facts/factslfs.shtml FASB.org. (2009f). Facts about FASB. Retrieved. March 21, 2011, from: http://www.fasb.org/facts/factsmas.shtml FASB.org. (2009g). Facts about FASB. Retrieved. March 21, 2011, 2009, from: http://www.fasb.org/facts/factslws.shtml
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