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The diverse backgrounds of Financial Reporting Committee (FRC) members allow the Institute of Management Accountants (IMA) to have a stronger voice for its members regarding technical issues that impact the management accounting profession. The FRC conducts four formal meetings each year, including an annual meeting with the Financial Accounting Standards Board (FASB) at its headquarters in Norwalk, CT. Chairman Bob Herz, the other four Board members, and certain staff members attended the Sep 21, 2009, meeting. As part of its advocacy efforts, the FRC has traditionally issued comment letters to regulatory bodies that oversee financial reporting -- primarily the FASB, IASB, Emerging Issues Task Force, and the Securities & Exchange Commission. During 2009, the Small Business Financial and Regulatory Affairs Committee functioned through three subcommittees: External Advocacy, Professional Education, and other IMA Services.
ADVOCACY Linda Devonish-Mills, CPA, Editor Committees Spur New Advocacy Efforts IMA’s Financial Reporting Committee and Small Business Financial and Regulatory Affairs Committee continue to be a voice mittees are strong, and both cussed their progress on joint for the association’s advocacy groups are passionate about keep- projects with the International efforts. ing abreast of technical issues that Accounting Standards Board impact the management account- (IASB) pursuant to convergence ing profession and serving as efforts under the Boards’ Memo- G reetings from the world of Professional Advocacy and the Financial Reporting Commit- advocates for IMA. FRC Update: Liaison Meeting randum of Understanding. Most of the FASB’s current projects, including those developed in tee (FRC) and Small Business with the FASB response to the recent financial Financial and Regulatory Affairs The FRC conducts four formal crisis, are being worked on jointly Committee (SBC). Some of you meetings each year, including an with the IASB with the goal of may wonder why we have two annual meeting with the Financial issuing aligned guidance. committees that, at times, address Accounting Standards Board In the past, most convergence the same issues. The diverse back- (FASB) at its headquarters in Nor- projects have been led individual- grounds of Committee members walk, Conn. Chairman Bob Herz, ly by staff from one of the Boards, allow the Institute of Management the other four Board members, and with the other Board then holding Accountants (IMA®) to have a certain staff members attended the its own deliberations. Now, how- stronger voice for its members September 21, 2009, meeting. The ever, the Boards have agreed that regarding technical issues that commitment from the FASB to full partnership on deliberations impact the management account- participate in meetings with the tends to be more successful in dri- ing profession. FRC, particularly in light of recent ving converged standards, so proj- FRC is composed mainly of actions that reduced the Board ects generally will be jointly members from large companies, as from seven to five members, is an staffed and deliberated. During well as accounting firms, consul- indication of the respect the Com- the meeting, FRC members tants, and other constituents mittee has generated among the expressed concern about how involved in preparing and analyz- Board members and in the joint projects were conducted in ing large-company financial state- accounting profession. Mick the past and about the lack of ments. Accordingly, it can express Homan, vice president of corporate convergence in the final proposals opinions on issues from a large- accounting at Procter & Gam
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