Raise Your Voice
A new committee promises to give small businesses a say in accounting standards. But will it help?
Until recently, entrepreneurs as a group had little say in the many onerous corporate-governance rules and financial-reporting requirements heaped on them. Unfortunate bystanders in the post-Enron blood lust for scheming companies, smaller entities-both public and private-have been buried in paper and complexity. When they have complained informally, they've often felt no one was listening.
Now, with the new Small Business Advisory Committee established by the Financial Accounting Standards Board (FASB) in March, you may actually have a voice in regulation that affects your business. The diverse committee-a group of 24 lenders, investors and analysts, auditors, and preparers of financial statements (such as CFOs and controllers from a broad range of industries)-will meet twice a year to hear small-business concerns about new and ongoing accounting standards. "They'll also be able to pick up the phone at any time and call us," says George Batavick, an FASB board member and liaison to the new committee.
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