The Investor Task Force (ITF) is comprised of the nation's largest institutional asset managers, including Capital Group Cos., Fidelity Investments, Mellon Financial Corporation, Putnam Investments, T. Rowe Price and Wellington Management.

FASB will likely conduct its first research session in October. 

FASB's establishment of ITF represents the latest in a series of steps designed to enhance participation of investors and other users of financial information in the standard setting process. FASB has had trouble getting feedback from this sector. According to The Wall Street Journal, of the 120 comment letters submitted on proposed tax rule changes, none were from an investor or investment firm.

Until now, companies have been telling FASB how rules will affect their investors, said FASB board member Don Young, but FASB wants to hear from those investors directly, WSJ reported.

In launching the task force, task force member firms will each provide an institutional contact point -- typically the Director of Research -- who will identify industry specific analysts at their respective firms that match the sector requirements of each standard setting initiative. For example, if an issue on the board's agenda relates to the oil industry, the ITF, as appropriate, would appoint an oil and gas analyst to advise FASB and staff from at least one of the ITF member firms.

FASB hopes to add to the task force Wall Street securities firms and credit-rating companies in coming months, WSJ reported.