FASB establishes advisory committee

The US Financial Accounting Standards Board
(FASB) has named the members of the newly established
Not-for-Profit Advisory Committee (NAC).

The NAC has 17 members from the not-for-profit
sector, including users of not-for-profit financial reports,
preparers, practitioners, and those with backgrounds in academia
and law.

FASB assistant director Jeff Mechanick will
serve as the NAC chair.

Mechanick said the NAC will significantly
enrich the two-way communication between the FASB and the
not-for-profit sector.

“That [communication] is so important to the
board’s and staff’s ability to identify and address the sector’s
needs and concerns during the FASB’s standard-setting activities,”
Mechanick added.

Professional services representatives on the
NAC include John Mattie from PricewaterhouseCoopers,
Cynthia Pierce from Crowe Horwath, Laura Roos from Moss
Adams and Bill Titera from Ernst & Young.