FASB Establishes Investors Technical Advisory Committee

January 2, 2007

FEI Summary

On Jan. 2, 2007, the Financial Accounting Standards Board (FASB) announced it has established an Investors Technical Advisory Committee (“ITAC”). The ITAC is a new advisory committee, which joins the roster of FASB’s advisory committees including FASB’s User Advisory Committee (UAC), Financial Accounting Standards Advisory Committee (FASAC), Small Business Advisory Committee (SBAC) and Private Company Financial Reporting Committee.

According to FASB’s announcement, ITAC is “comprised of users of financial reports with strong technical accounting knowledge,” and will:

·         serve as a standing resource for FASB in obtaining further user perspectives and insights on board projects;

·         help the board identify urgent accounting and financial reporting issues;

·         propose new items to be added to the Board’s agenda; and

·         provide perspectives on the implementation of new standards.

The first meeting of FASB’s ITAC will be held January 11, and according to FASB, a portion of the meeting will be open to the public.

Members of FASB’s ITAC named January 2 include:

Neri Bukspan, Chief Accountant, Standard & Poor’s

Jack Ciesielski, President, R.G. Associates, Inc

Michael C. Gyure, Accounting Research Analyst, FTN Midwest Securities

Adam Hurwich, Managing Member, Calcine Management LLC

Mark C. LaMonte, Vice President - Senior Credit Officer, Moody’s Investors Service

Jeffrey P. Mahoney, General Counsel, Council of Institutional Investors

Rebecca McEnally, CFA Centre for Financial Market Integrity

Michael A. Moran, Global Investment Research, Portfolio Strategy/Accounting, Goldman, Sachs & Co.

Janet Pegg, Senior Managing Director, Accounting & Taxation Research, Bear Stearns & Co.

Marc A. Siegel, Global Director of Research, Center for Financial Research & Analysis

Lynn E. Turner, Managing Director of Research, Glass, Lewis & Co., LLC

Chad Yeftich, Senior Analyst, Maverick Capital, Ltd.