Tuesday, March 8, 2011
* video credit: Pearl Jam performing "Education" live at Lollapalooza 2007, via "gndc404" aka "Gary's" post on youtube
Financial Accounting Standards Board groupies will be celebrating today's announcement by the board's parent body, the Financial Accounting Foundation, that FASB Education Sessions (aka 'Ed Sessions') - will henceforth be available via live (and archived) webcast, starting with tomorrow's Ed Session.
FASB Ed Sessions, generally held immediately after FASB board meetings (and sometimes on additional days of the week, as is the case with this week's additional Ed Session this Thursday) have always been open to the public, but never before broadcast.
Commencing this week, the Ed Sessions, like the FASB board meetings, will be webcast. Ed Sessions are opportunities for the FASB staff, and sometimes outside experts, to provide information for discussion purposes, on subjects the board is currently addressing.
As noted in the FAF press release: "Education sessions are usually held one week before a public Board meeting is held on that same topic..." Thus, by listening to the Ed Session, you may (or may not) be able to get a glimpse into board member's thinking on a particular subject, in advance of the board's formal consideration at a board meeting. However, before you get too carried away, it is also important to note, and the FAF reminds us of this: "no official FASB decisions are made at education sessions."
According to FASB's calendar, topics slated for tomorrow's Ed session include financial instruments and leases; Thursday's Ed session will address revenue recognition and insurance contracts.
My two cents: (I remind you of the disclaimer posted on the right side of this blog) I think the webcasting of FASB Ed sessions is a great development in expanding access to the Ed sessions for interested parties ('groupies' or otherwise) online, real time, and through the archives. This can benefit those in practice, investors and others who closely follow FASB developments, and can be beneficial in the education of students as well.
While you are waiting for the FASB Ed Session to begin, you may wish to listen to Education by Pearl Jam (here are the lyrics). (Any other song suggestions relating to accounting, regulation or education are welcome, feel free to post in the comments section of our blog. As always, you can post a comment anonymously if you wish, so don't be shy.)
AAA Annual Meeting Aug. 6-10 in Denver
Speaking of Education: the American Accounting Association's (AAA) Annual Meeting will be held Aug. 6-10 in Denver, CO. AAA is the professional association for professors of accounting. The AAA annual meeting always includes a plethora of highly regarded keynotes from accounting standard-setters, regulators, and others, as well as CPE sessions conducted by professors and others. Of particular note, for those of you contemplating entering the teaching profession in the immediate or distant future, is AAA's Conference on Teaching and Learning in Accounting (CTLA), held in conjunction with the AAA Annual Meeting. Watch AAA's website as further information is posted about their Annual Meeting and CTLA. Questions about CTLA can be directed to Dee Harris at AAA: deirdre[AT]aaahq[DOT]org.
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Posted by Edith Orenstein at 5:19 PM