Unformatted text preview: from year to year. The bylaws call for at least twenty members to be appointed. However, the actual number of members has grown to about thirty in recent years to obtain representation from a wider group of interested parties. The FAF is also responsible for appointing the members of the FASB and raising the funds to operate the FASB. Until 2001 most of the funds raised by the FAF came from the AICPA and the largest public accounting fi rms. However, the Sarbanes-Oxley Act of 2002 required the FASB to be fi nanced by fees assessed against publicly traded companies, instead of by donations from the interested parties in the private sector. The purpose of this action was to increase the independence of the FASB from the constituents it serves. The FAF currently collects Accounting in the United States since 1930 9 c01Thedevelopmentofaccountingthe9 Page 9 8/5/10 10...
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This note was uploaded on 12/15/2011 for the course ACC ACC taught by Professor Mari during the Fall '10 term at University of Phoenix.
- Fall '10