The Financial Accounting Standards Committee (FASC) focuses on accounting principles and proposed changes to current standards or SEC reporting regulations. Through position papers, comment letters, testimony at public hearings and participation in committees or task forces of the Financial Accounting Standards Board and the American Institute of Certified Public Accountants (AICPA), FASC members have encouraged the practice of reliable and relevant accounting and financial reporting techniques that reflect the economics of the real estate industry.
The FASC, in conjunction with the Board of Directors, informs NAREC members of current accounting and financial reporting issues relating to real estate, formulates the positions of the Association, and communicates these activities on behalf of the Association.
Over the years, the FASC has worked closely with the Emerging Issues Task Force (EITF) and the AICPA's Real Estate Accounting Committee, providing industry input and, on occasion, Association members to serve on such panels.
Financial Accounting Standards Committee Co-Chairs: John Los and Dusty Schultz.