Rilling honors FASB on its 50th anniversary

Norwalk Mayor Harry

Rilling joined the Financial Accounting Standards Board to mark its 50 years of service to the U.S. capital markets.

On March 8, Rilling presented FASB Chair Richard R. Jones and his colleagues on the Board and staff with a special proclamation at the FASB headquarters at 801 Main Ave, in Norwalk.

The FASB is the independent, private-sector, not-for-profit organization based in Norwalk that establishes financial accounting and reporting standards for public and private companies and notfor-profit organizations that follow Generally Accepted Accounting Principles.

The FASB is recognized by the U.S. Securities and Exchange Commission as the designated accounting standard setter for public companies.

“On March 8, 1973, the FASB held its very first meeting — in office space borrowed from the American Thread Company in Stamford,” Jones said. “Since then, hundreds of board and staff members have worked to earn the responsibility entrusted to the FASB: to develop and improve accounting and reporting standards that provide useful information to investors and other allocators of capital.

“This milestone was made possible by the thousands of stakeholders who, over five decades, have engaged with and shared their views with us and we thank them for their support,” Jones said.

John Auchincloss, executive director of the Financial Accounting Foundation, opened the ceremony, followed by brief remarks from Rilling.

Greater Norwalk Chamber of Commerce President and Chief Executive Officer Brian Griffin was also on hand to congratulate the FASB.

The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.