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Update on Small Business and Financial Reporting Committees

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Since the author's last update, IMA's Financial Reporting Committee (FRC) and Small Business Financial and Regulatory Affairs Committee (SBC) have been addressing issues that impact the management accounting profession. While the FRC meetings focus predominantly on evolving financial reporting standards, the Committee's March 2009 meeting also included a renewal of the Committee's charter. The Committee also usually gets a technical update from members and staff of the Financial Accounting Standards Board (FASB) at each meeting. FRC members offered their support for the project during their annual meeting with the FASB in September 2008, but they also expressed concern that constituents within the accounting profession weren't provided enough information about the project to feel comfortable with using the mechanism to perform research projects in a transparent manner. The Small Business Financial and Regulatory Affairs Committee is committed to expanding its horizon beyond its original initiative of external advocacy.

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									                                                                                               ADVOCACY
                                                                           Linda Devonish-Mills, CPA, Editor




Update on Small Business
and Financial Reporting
         Committees
The Financial Reporting Commit-
tee and Small Business Financial
and Regulatory Affairs Commit-
tee are forging ahead on issues         Committee will seek to have an         concerns about guidance the
important to IMA members and            active membership of 20-25 pro-        Board issued on fair value ac-
are making a difference.                fessionals, with representation        counting. You can find these letters
                                        from financial statement preparers,    on IMA’s website at www.imanet.
                                        auditors, academia, and other          org under External Relations/

S    ince my last update, IMA’s
     Financial Reporting Commit-
tee (FRC) and Small Business
                                        experts in the financial reporting
                                        or analyst field. Given IMA’s
                                        demographics, approximately 60%
                                                                               Professional Advocacy/Financial
                                                                               Reporting Committee.
                                                                                  Leslie and Marc also provided
Financial and Regulatory Affairs        of the Committee members will be       updates about the FASB Codifica-
Committee (SBC) have been               from public companies and have         tion project. This project focuses
addressing issues that impact the       financial statement preparation        on reorganizing the presentation of
management accounting                   responsibilities, and the balance      the FASB’s existing standards and
profession.                             will be accounting professionals in    related authoritative literature into
                                        the other fields.                      a topical format, available online,
FRC Update                                 The Committee also usually gets     that would help accounting profes-
In recent years, the Financial          a technical update from members        sionals with research capabilities.
Reporting Committee has been            and staff of the Financial Account-    The one-year verification phase
composed of 20-25 members from          ing Standards Board (FASB) at          that began in January 2008 ended
various accounting backgrounds.         each meeting. In March 2009,           recently. During the verification
While the FRC meetings focus pre-       FASB members Leslie Seidman and        phase, constituents were encour-
dominantly on evolving financial        Marc Siegel discussed fair value       aged to review pronouncements
reporting standards, the Commit-        accounting. Their update was par-      and other authoritative literature in
tee’s March 2009 meeting also           ticularly timely because a few         the Codification format on the
included a renewal of the Commit-       weeks later, at an April 2 Board       FASB’s website (www.fasb.org) and
tee’s charter. FRC Chair Mick           meeting, the FASB voted on the         then provide comments. The Codi-
Homan led the review of the char-       revision of guidance related to fair   fication goes live this month.
ter, which focused on the size and      value accounting when a market            FRC members offered their sup-
composition of the Committee            isn’t active or market transactions    port for the project during their
along with the primary activities       are distressed. The proposed           annual meeting with the FASB in
and participation expectations of       revised guidance would amend the       September 2008, but they also
Committee members. The general          original guidance incorporated in      expressed concern that con-
consensus among FRC members             Statement of Financial Accounting      stituents wi
								
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