FASB Forms Advisory Committee
June 7, 2010
The Financial Accounting Standards Board (FASB) has formed the long awaited advisory committee that will focus on the not-for-profit sector. The Not-for-Profit Advisory Committee (NAC) is charged with providing input to FASB.
The 17 member committee is comprised of preparers, auditors, academics, and other stakeholders with not-for-profit expertise. Committee members are from a broad cross-section of nonprofit industries, such as higher education, healthcare, religious, and social services.. The committee will weigh in on existing financial reporting guidance, current and proposed technical agenda projects, and longer term financial reporting matters affecting not-for-profit organizations. The FASB anticipates that NAC will meet in public sessions two or three times throughout the year.NACUBO is pleased that two individuals with higher education expertise will serve on NAC: Stephen Golding, vice president of finance and treasurer at the University of Pennsylvania and Teresa Gordon, professor of accounting at the University of Idaho. Mr. Golding is a chief business officer and one of several preparers chosen for the committee. Ms. Gordon has been a member of NACUBO's Accounting Principles Council for the past five years. A roster of the entire committee is available on FASB's website.
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