Editing Financial Accounting Standards Board (section)

=== Inception ===
Marshall Armstrong, then-president of the [[American Institute of Certified Public Accountants]] (AICPA), appointed a group of seven men (collectively called the Wheat Committee after its head Francis Wheat) in 1971 to examine the organization and operation of the [[Accounting Principles Board]], in order to determine what adjustments were needed to facilitate more accurate and timely results and avoid governmental rule-making.<ref name="Zeff" /><ref>{{Cite book|title=Intermediate Accounting 11th Edition Volume 1|last=Kieso, Weygandt, Warfield|first=Donale, Jerry, Terry|publisher=John Wiley & Sons Inc.|year=2005}}</ref><ref>{{Cite book|title=Intermediate Accounting 15th Edition FASB Update|last=Kieso, Weygandt, Warfield|first=Donale, Jerry, Terry|publisher=John Wiley & Sons Inc.|year=2014}}</ref> Their findings, "Report of the Study on the Establishment of Accounting Principles", were published in March 1972, and proposed several changes including establishing the Financial Accounting Foundation, separate from other professional firms, that would be overseen by the Board of Trustees. The FASB was conceived as a full-time body to insure that Board member deliberations encourage broad participation, objectively consider all stakeholder views, and are not influenced or directed by political/private interests.<ref name="Zeff">{{Cite journal|last=Zeff|first=Stephen A.|title=The Wheat Study on Establishment of Accounting Principles (1971–72): A historical study|journal=Journal of Accounting and Public Policy|volume=34|issue=2|pages=146–174|doi=10.1016/j.jaccpubpol.2014.12.004|year=2015}}</ref> The Wheat Report also recommended developing the "Financial Accounting Standards Advisory Council, a 20-member advisory council that members serve an initial 1-year term, that could be renewed indefinitely, and to explicitly define the FASB research projects, to ensure timely and appropriate results.<ref name="Zeff" />

The U.S Securities and Exchange Commission (SEC) issued Accounting Series Release No. 150 (ASR 150), which states that FASB pronouncements will be considered by the SEC as having "substantial authoritative support", in 1973.<ref name="FASB timeline">{{cite web|title=Timeline|url=http://www.fasb.org/jsp/FASB/Page/TimelinePage&cid=1175805309640|website=www.fasb.org|access-date=1 November 2017}}</ref> That same year, the FASB issued its first standard, ''Statement of Financial Accounting Standards No. 1: Disclosure of Foreign Currency Translation Information''.<ref name="Standard 1">{{cite web|title=Statement of Financial Accounting Standards No. 1|url=http://www.fasb.org/timeline/timeline-assets/assets/downloads/1973_statement-of-financial-accounting-standards-no-1_fin.pdf#view=Fit|access-date=1 November 2017}}</ref>