2007–2008 AAA COMMITTEES

FINANCIAL ACCOUNTING STANDARDS COMMITTEE

Charge:

Coordinate all Association activities with respect to financial accounting standard setting. Specifically:

1. Assess the financial accounting standard setting activities of the FASB and IASB, and other such organizations, especially with respect to their impact on accounting profession and research, and provide feedback to them in writing and by appearing at selected public hearings.
2. Evaluate selected discussion memoranda and exposure drafts related to financial accounting and reporting in the private sector as they are released by the FASB, and IASB, and other accounting standard-setting groups, and respond to those groups in writing and by appearing at selected public hearings.
3. Stay cognizant of emerging issues related to financial accounting and reporting in the private sector through materials issued by the Emerging Issues Task Force and other relevant sources, and evaluate, where appropriate, the significance and potential implications of such issues.
4. Meet with the FASB, normally on an annual basis.
5. Recognize emerging international issues related to financial accounting, reporting and auditing; alert others inside the Association about their importance to determine the likely significance and potential implications of such issues.
6. Explore the publication of selected responses by the committee in Accounting Horizons or other appropriate outlets.
7. Consider and promote ways to increase the quantity and quality of academic input to the standard-setting process.
8. Provide progress reports to the Executive Committee Liaison, AAA President, and Executive Director in time to be included in the agenda book for each Executive Committee meeting.

Structure and Processes

Membership

Committee members are appointed annually by the AAA President for rotating three-year terms. The Chair will be appointed from among experienced committee members. The chair is to be named from the three persons beginning their second year. The Chair serves as chair for two years.

Meetings

The committee will meet as needed.

Responsibilities

• Fulfill the committee charter above.

Provide appropriate documentation of committee activity and reporting to the Executive Committee Liaison, AAA President, and Executive Director.

Chair:

Robert Colson – 2 – 8/2009
Grant Thornton, LLP
bob.colson@gt.com

Members:

EC Liaison:

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