مقاله انگلیسی رایگان در مورد هیئت استانداردهای حسابداری مالی – الزویر 2018

Since its inception over four decades ago, the Financial Accounting Standards Board (FASB) has been led by seven individuals who have served as Board Chair. This paper includes a biographical sketch of the individuals, their terms of service, standards topics and some points of commonality and difference in their prior experience and Board service. This study provides a synoptic review to assist those interested in learning more about the Board Chairs, and to inform as to the role and style of each individual in contrast to the others. The paper provides a foundation for future research of these individuals, their activities and actions through other historical research such as oral histories, collections of writings and speeches and similar catalogues of activity.

Mission and operations of the FASB

The FASB is the primary accounting standard-setting body in the United States with corresponding influence throughout global capital markets. To achieve its goals, the FASB has adopted a substantial structure. The Financial Accounting Foundation (FAF) is the oversight body and oversees the provision of financial support derived from sources that include a funding through legislative derived sources. The FAF also appoints members of the Financial Accounting Standards Advisory Committee (FASAC). In addition, since its beginning in 1984, an Emerging Issues Task Force (EITF) has provided service to the FASB by addressing the proper ac counting on new technical issues. Also in 1984, the Governmental Accounting Standards Board (GASB), with a structure somewhat similar to the FASB, was established under the FAF to issue standards for state and local governments. The seven members of the FASB (reduced to five members in July 2008 and then increased back to seven in late 2010) are appointed by the FAF for a five-year term and may be reappointed for one additional term. The Board currently has a Technical Director and a staff of over 60 professionals. The Board’s mission is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public…” Accounting standards are necessary for the efficient functioning of the economy because decisions about the allocation of scarce capital market investment resources rely on business reports and financial disclosures that are timely, credible, transparent, and understandable. The FASB accomplishes its mission by focusing on the primary characteristics of relevance and reliability and on the qualities of comparability and consistency. Its task is continually challenged by the changing economic environment, new and different types of transactions, and the resulting changes in methods of doing business. In recent years, alignment with standards promulgated by the International Accounting Standards Board (IASB) has also been a priority of the FASB. The FASB’s decision-making process is based on an extensive “due process” procedure that was modeled on the Federal Administrative Procedure Act, and in some respects is more demanding. The first step in the process is for a topic to be added to the FASB’s technical agenda. The agenda is but the origin of many further steps of due process as elaborated in Chapter 3 of Miller, Bahnson, and Redding (2016). Ideas for agenda additions reflect the interests of many constituents. Miller et al. identify the following among those who are most interested in financial accounting matters: the public at large, government regulators, financial statement users, managers of corporations, independent auditors and accounting educators (Miller et al., 2016, p. 8). These groups further are often identified as particular groups such as financial analysts, corporate preparers, the auditing profession and the U.S. Securities and Exchange Commission (SEC). Once an issue has been presented, the Board has historically voted on whether to add the topic to its agenda. The vote was based on such considerations as the pervasiveness of the issue, the extent to which alternative