Fasb Case

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1. What is the mission of the FASB?
The mission of the Financial Accounting Standards Board (FASB) along with the Governmental Accounting Standards Board (GASB), and the Financial Accounting Foundation (FAF) “is to establish and improve financial accounting and reporting standards to provide useful information to investors and other users of financial reports and educate stakeholders on how to most effectively understand and implement those standards” (FASB, 2016) Each organization contributes to the overall mission. The FASB is tasked with setting the highest quality standards.

2. Why was the FASB created?
The FASB was established in 1973 and is a not for profit organization. It “establishes financial accounting and reporting standards …show more content…
It describes their mission and the responsibilities of the staff. It includes their forms of communication, meeting protocols, and the rules that govern public announcements made to the public. 4. How many Board members are there? Who are they? What are their credentials?
There are 7 board members that serve fulltime for FASB. They are appointed by the FAF board of Trustees and typically service for 5 year terms. The current board members are as follow:
Russell G Golden, Chair - Mr. Golden began as the seventh chair of FASB on July 01, 2013. This was after he served 6 years on the FASB staff. “From 2008 to September 2010, he was Technical Director of the FASB, overseeing FASB staff work on accounting standards and technical application and implementation activities. He also chaired the FASB’s Emerging Issues Task Force (EITF)” (FASB, 2016 ) He also served as a technical advisor from 204-2007. Mr. Golden earned a Bachelor’s degree from the Washington State University and is licensed as a CPA in …show more content…
Smith, Board Member – Mr. Smith was appointed to the FASB board in 2007 and was reappointed to an additional term in 2012. Mr. Smith spent five years as Director, Technical Application and Implementation Activities of the FASB prior to his term. He had a 25 year career with KPMG prior to joining FASB. He was also a Partner with KPMG from 1998-2002 and from 1992-1996 he was a Partner with the Department of Professional Practice. “During his tenure with KPMG, he also served as Engagement Partner and SEC Reviewing Partner on a number of international Fortune 1000 clients. Active in the accounting profession, he is a past member of the Technical Standards Subcommittee of the Professional Ethics Committee of the AICPA” (FASB, 2016). Mr. Smith earned his Master of Science degree in accounting from Northeastern
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