Our longevity also means we’ve got nearly five decades of GAAP standards in the books. But we need a diversity of perspectives and experiences to get us to the best outcome to fulfill our mission-even in those cases when it’s a 4–3 vote.
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That doesn’t mean we always agree on how to achieve improvement. The only thing each of us “advocates” is improvement. For example, there is no “preparer advocate,” or “practitioner advocate,” or “academic advocate” on the Board. Put another way: FASB members are not appointed to the Board to lobby or advocate on behalf of a specific profession or professional point of view. While each of us brings different experience to the table, each of us is there to serve and is equally committed to the same mission-to improve accounting and financial reporting so that it provides investors and other allocators of capital with information they’ll incorporate into their decision-making process. Members of the FASB, including our current Board, come from diverse professional backgrounds. One built on extensive outreach that incorporates diverse views representing all corners of the U.S. One geared toward continuous improvement and the ability to respond to new challenges in our ever-changing capital markets. One developed and fine-tuned over decades. I attribute the FASB’s longevity to an inclusive, thorough standard-setting process. We’ve been around far longer than any previous financial standard-setting body in the United States, and our structure and approach has been replicated by accounting standard setters around the globe.
In a couple of years, the FASB will celebrate its 50 th anniversary. In other words, what I am about to say are my views and only my views. AICPA & CIMA Conference on Current SEC and PCAOB Developmentsīefore I begin, I must remind you that official positions of the FASB are reached only after extensive due process and deliberations.
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