FASB Names RSM's Rick Day to Small Business Advisory Committee
RSM US LLP (“RSM”) – the nation’s leading provider of audit, tax and consulting services focused on the middle market – is pleased to announce that Rick Day, national director of accounting for the firm, was recently appointed by the Financial Accounting Standards Board (FASB) to its newly restructured Small Business Advisory Committee (SBAC).
In its new format, the SBAC will 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,” said 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 ensure there was no 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.”
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 will help the Board and staff communicate to the sector about recent and existing guidance, current and prospect projects, and other issues of importance.
To ensure 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.
“We are proud that Rick has been selected to serve on the FASB’s SBAC, and know that his in-depth knowledge of the middle market will equip him to represent the unique points of view of our middle market clients,” said Jim Morton, national assurance leader with RSM US LLP. Since the middle market accounts for approximately 40 percent of the nation’s Gross Domestic Product, and provides one-third of the jobs, this is a critical part of the U.S. economy.”
The first public meeting of the new SBAC will be announced on the FASB website by the end of this year.
About the Financial Accounting Standards Board (FASB)
Established in 1973, the FASB is the independent, private-sector organization based in Norwalk, CT, 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 their website.
About RSM US
RSM’s purpose is to deliver the power of being understood to our clients, colleagues and communities through world-class audit, tax and consulting services focused on middle market businesses. The clients we serve are the engine of global commerce and economic growth, and we are focused on developing leading professionals and services to meet their evolving needs in today’s ever-changing business environment.
RSM US LLP is the U.S. member of RSM International, a global network of independent, audit, tax and consulting firms with more than 43,000 people in over 120 countries. For more information, visit rsmus.com, like us on Facebook, follow us on Twitter and/or connect with us on LinkedIn.