Search Results for keywords:"Financial Accounting Standards Board"

Found 2 results

Search Results: keywords:"Financial Accounting Standards Board"

đź’° Only
Oldest Newest
  • 2025-01614 — Order Regarding Review of Financial Accounting Standards Board (“FASB”) Accounting Support Fee for 2025 Under Section 109 of the Sarbanes-Oxley Act of 2002
    Type:Notice
    Citation:90 FR 8087
    Reading Time:about 3 minutes

    The Securities and Exchange Commission (SEC) reviewed and approved the Financial Accounting Standards Board's (FASB) 2025 annual accounting support fee. This fee is used to fund the FASB's operations, as required by the Sarbanes-Oxley Act of 2002. The Commission also checked that additional revenue sources, like publications, do not impact FASB's independence. The Office of Management and Budget decided that this fee is subject to budget cuts under the Budget Control Act of 2011, and the SEC expects collaboration with the Financial Accounting Foundation to manage these cuts effectively.

    Simple Explanation

    The SEC checked and agreed on the money FASB needs to do its work in 2025, making sure that any extra money they make on the side doesn't affect their fairness. The government has rules about cutting budgets, so they’ll work together to handle any needed cuts.

  • 2021-02171 — Securities Act of 1933; Securities Exchange Act of 1934; Order Regarding Review of Financial Accounting Standards Board (FASB) Accounting Support Fee for 2021 Under Section 109 of the Sarbanes-Oxley Act of 2002
    Type:Notice
    Citation:86 FR 7913
    Reading Time:about 2 minutes

    The Securities and Exchange Commission (SEC) reviewed the Financial Accounting Standards Board's (FASB) 2021 budget and annual accounting support fee. This process ensures that the FASB, which sets important accounting rules, has an independent and stable funding source, as required by the Sarbanes-Oxley Act of 2002. The SEC confirmed that the proposed fee aligns with the law, allowing FASB to continue its standard-setting activities. Additionally, the FASB's budget is subject to sequestration, meaning planned spending might be reduced to meet certain budgetary controls.

    Simple Explanation

    The SEC checked how much money the FASB will need to keep making important accounting rules to make sure they have enough and no extra. They also want to see how budget cuts might change what the FASB can do.