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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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February 27, 2008 10:30 AM ET
Starting July 1, the Financial Accounting Standards Board will need fewer seats around the conference table. Yesterday, the Financial Accounting Foundation, which oversees the accounting industry standard-setter, voted to shrink the size of the board from seven members to five. The FAF also approved other changes to the governance of FASB and its sister organization, the Governmental Accounting Standards Board (GASB). The vote to downsize came despite nearly unanimous disapproval expressed in 59 comment letters to the board. “There are substantial changes occurring in the accounting environment—the most important being in the area of convergence,” said Robert Denham, Chairman of the FAF. “Some commenters suggested that we should wait and see what the path of convergence would be before acting. That’s not our view.” Mr. Denham added: “We believe we should be working to create the path and the timetable for getting to convergence.” Apparently, the trustees believe a smaller board—and a more powerful chairman—will be better equipped to cope with the change in the accounting landscape. The new, trimmed-down FASB will include members representing the auditor, preparer, investor and academic communities. The fifth member will be an at-large, best-qualified candidate. The FASB Chairman, currently Robert Herz, will set the agenda for the board. Meanwhile, the FAF also voted to seek a more stable funding source for GASB. In addition, the foundation voted to expand the number of organizations that may submit nominations for the board of trustees. Those trustees will be limited to one five-year term. Currently, FAF trustees can serve up to two three-year terms. The Stamford, Conn.-based FAF will not have to boot anybody off the current board to get down to five members. The terms of both George Batavick, a former controller at Texaco, and Donald Young, a former technology analyst, are slated to end this year. None of the terms of the remaining five members expire before 2010.
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