Owen McGrath of Bowling Green is among several University of Alabama accounting master’s students to participate in an accounting standard-setting process.

The group completed a comment letter and submitted it to the Financial Accounting Standards Board, a private standard-setting body whose primary purpose is to protect the public interest by establishing and improving generally accepted accounting principles. As part of the process, the FASB solicits comment letters, which are completed by constituents in response to discussion papers, exposure drafts and other discussion documents.

During 2021, the students evaluated an FASB exposure draft, “Proposed Accounting Standards Update-Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.”

The students researched and learned about accounting and reporting intricacies related to the original fair value measurement statement and then determined how the recently released exposure draft could impact the current standard. After completing their analysis, the students submitted the comment letter to the FASB. By communicating with the FASB, the students contributed to the accounting profession and the quality of financial reporting by participating in the standard-setting process.