The New York State Society of CPAs has established a task force focused on improving financial statement reporting and providing a link between members and the Financial Accounting Standards Board.

The Task Force of Financial Statement Users will identify items that are currently disclosed in financial statements but that are not clear or require modification in order to reflect a true, fair financial condition. The task force will also set out to identify items that haven’t been disclosed in financial statements which could be of value to financial statement users.
The task force will be chaired by NYSSCPA Board Member Neville Grusd, executive vice president of Merchant Factors Corporation.

The task force will work with the Society’s 17 chapters and the NYSSCPA’s Banking Committee and Cooperation with Bankers and Other Credit Grantors Committee to gather members’ opinions and concerns about financial statements, which the task force will communicate to FASB.

All members who use financial statements in making decisions in their businesses are invited to join the task force. The emphasis is on the “user,” not the preparer or auditor, which would include investment analysts, bankers and credit grantors, as well as members working for rating agencies and insurance companies, among others.

The task force will give Society members an unprecedented opportunity to give their direct input to the FASB in order to achieve change.

If you are interested in joining the task force, feel free to contact Robert H. Colson, director of technical services, at
rhcloson@nysscpa.org; Ernie Markezin, associate director of committee services, at ejmarkezin@nysscpa.org; or Nellie Gomez, NYSSCPA committees manager, at ngomez@nysscpa.org.