CU Rep Named to FASB Small Business Advisory Committee

NORWALK, Conn.-Scott Waite, chief financial officer for Patelco Credit Union, was recently named to the Financial Accounting Standards Board’s new Small Business Advisory Committee. The 24-member committee was established to increase the small business community’s involvement in developing U.S. accounting standards. Committee members include lenders, investors, analysts, and preparers of financial statements from a broad range of businesses. FASB will use the committee as a resource for additional information and advice on accounting issues before the board. “The FASB has always recognized small businesses as an important constituency,” FASB Chairman Robert H. Herz said. “Formation of the Small Business Advisory Committee should be a win-win for everyone involved, and the Board looks forward to working with the group.” FASB said the formal committee will provide for a better exchange of ideas, knowledge, and experience with the board. The Small Business Advisory Committee is scheduled to hold its first meeting in May in Norwalk, Conn.