The subcommittee presented a technical session at the American Accounting Association’s Management Accounting Section annual meeting on January 12, 2008, in Long Beach, Calif. The session provided useful feedback which was incorporated into a revision of the definition. The revised draft of the definition was presented to and adopted unanimously by the full FAR committee at its regular biannual meeting in Dallas on March 8, 2008. The definition was then presented to the IMA’s National Board at its annual meeting in June 2008. The Board approved dissemination of the draft definition. Based on the extensive feedback received, the definition was revised to that which is contained in this SMA.