Research Case 1-3 (FASB)

Research Case 1-3
Requirement 1What is the mission of the FASB
According to FASB’s website “The mission of the FASB is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports.”Requirement 2Who are the current Board members? Briefly describe their background
A brief description of the current board members including their background are listed below:Russell G. Golden, Chairman:
• Began his term as the seventh chairman of the Financial Accounting Standards Board (FASB) on July 1, 2013;
• Initially appointed to the FASB in 2010;
• Served six years on the FASB staff;
• Term as chairman extends to June 30, 2017, (eligible for an additional three years appointment);
• Technical Director of the FASB from 2008 to September 2010, overseeing FASB staff work on accounting
standards and technical application and implementation activities; and
• He chaired the FASB’s Emerging Issues Task Force (EITF).James L. Kroeker, Vice Chairman:
• A member and vice chairman of the FASB on September 1, 2013;
• Assisted the FASB chairman in representing the Board to external stakeholders and aided in conducting its
internal operations;
• Serves as a voting member of the Board of the FASB;
• Previously employed by Deloitte, where he served as the Deputy Managing Partner for Professional Practice;
• Prior to joining Deloitte, served as the Chief Accountant of the Securities and Exchange Commission from
January 2009 until his departure in 2012
• Jim [James] served as the senior accounting professional for the Commission and the principal advisor to the
Commission on all accounting and auditing matters; and
• Also was responsible for resolution of a wide range of globally significant accounting and auditing issues.Thomas J. Linsmeier, Board…