Professional Issues

PROFESSIONAL ISSUES

The Financial Accounting Foundation, which oversees FASB and GASB, generated $41.6 million in revenue in 2006, according to the organization’s annual report, a 7.5% increase from the previous year. Net assets were $57.5 million as of Dec. 31, 2006.

Revenue streams included FASB accounting support fees collected from approximately 8,800 registered companies. Those fees totaled $22.4 million, up from $20.2 million in 2005. Publication and subscription revenue climbed to $17.1 million, up from $14.1 million the previous year.

The foundation spent $25.8 million on salaries and benefits in 2006, a 6.2% increase from the previous year.