FASB News

FASB, GASB Overseers Seeking Trustees

The Financial Accounting Foundation (FAF), the trustee body with oversight responsibility for FASB and GASB, is seeking new trustees for a rotation that starts next year, the organization announced on January 3. The FAF has opened the nomination process for new trustees to serve in an “at large” capacity. Nominations must be received by the close of business on February 16, 2024, according to the announcement. New trustees will be appointed to a single five-year term beginning January 1, 2025. The FAF Board of Trustees is composed of 18 members who oversee and support the FASB and the GASB in their missions to develop U.S. Generally Accepted Accounting Principles (GAAP) for public and private companies, not-for-profit entities, and state and local governments, respectively. Trustee nominees should have diverse experience, backgrounds, and perspectives toward overseeing and promoting the independent standard-setting process, the FAF said. Specifically, nominees should come from the following backgrounds and experience:

  • chief executive officer or chief investment officer, research director, or similar role for an institutional investment firm, pension or endowment fund, brokerage firm, or similar background including investors who utilize quantitative or fundamental approaches to making investment decisions. Private markets experience is preferred for at least one of the new trustees
  • senior executive, such as a CEO, CFO, or similar role for a large, complex, global public company; an intermediate-sized private company; or a large, complex not-for-profit organization, such as a university or a hospital
  • senior partner from one of the four largest international accounting firms
  • a track record of experience with and mastery of diverse aspects of financial reporting and accounting, including strategy, regulation and compliance, and technology, in a manner that demonstrates a commitment to continuous improvement and staying ahead of industry trends
  • experience with global standard setting.

IASB News

Global Accounting, ESG Rulemaking Boards Set First Ever Joint Technical Meeting

The International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB) will hold their first ever joint technical meeting on January 25 in London to discuss matters of mutual interest. The meeting surrounds a potential ISSB project on integration in reporting and the IASB’s current project on management commentary, which may interact, according to recent discussions. “This meeting will give the boards a chance to discuss the feedback on the ISSB’s agenda consultation although no decisions will be made at this stage,” IASB Chair Andreas Barckow said on a December 19, 2023, podcast. ISSB Chair Emmanuel Faber expressed similar sentiments on that board’s podcast. The IASB develops International Financial Reporting Standards (IFRS) for more than 140 jurisdictions worldwide and is seated in London. The ISSB develops environmental, social, and governance (ESG)-related disclosure rules for global use and is located in Frankfurt. Both boards operate under the governance of the Board of Trustees of the IFRS Foundation. This month’s joint meeting will seat 28 board members in total plus staff in the IASB’s boardroom and will be livestreamed to the public. The discussions come as the ISSB is gearing up to set its technical agenda which includes a potential project on integration in reporting that interacts with the IASB’s current project to revise the management commentary guidance in IFRS—that is, guidance about how to prepare the management discussion and analysis (MD&A) section of financial reports.

IFRS Foundation to Hold Sustainability Symposium in New York

An IFRS Sustainability Symposium will be held on February 22 at the Jacob Javits Center in New York City, the IFRS Foundation said. The symposium is “designed to be a meeting ground for learning from others’ experience, gaining practical takeaways and gathering insight into the future landscape of sustainability-related financial disclosures,” with “timely content not found anywhere else,” according to the announcement. The IFRS Sustainability Symposium 2024 is set for companies that are preparing to apply the International Sustainability Standards Board’s (ISSB) new climate and sustainability disclosure rules, including accounting, assurance, and consulting firms. It is also relevant to asset managers and asset owners that use environmental, social, and governance (ESG) in their investment process; ESG service providers; ESG data analytics providers; law firms with corporate clients looking for counsel in compliance; professional organizations in accounting and governance; and academics. The symposium will take place a month after ISSB’s new standards take effect; specifically, IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information, and IFRS S2, Climate-related Disclosures take effect on January 1, 2024.