NEWS RELEASE 12/23/11
Financial Accounting Foundation Extends Deadline for Applying To Participate in Private Company Accounting Standards RoundtablesNorwalk, CT, December 23, 2011—The Financial Accounting Foundation (FAF) today extended to January 6, 2012, the deadline for submitting applications to participate in private company accounting standards roundtable discussions scheduled for January, February, and March.
The four roundtables will focus on the FAF’s recently issued Plan to Establish the Private Company Standards Improvement Council, which is intended to improve the process for setting accounting standards for private companies.
Any individual or organization representing private company stakeholders interested in participating in the roundtables should complete and submit an online application form by January 6, 2012, along with a comment letter.
The roundtables are scheduled for the mornings of:
Under the FAF proposal, a new Private Company Standards Improvement Council (PCSIC) would identify, propose, deliberate, and formally vote on specific exceptions or modifications to U.S. Generally Accepted Accounting Principles (U.S. GAAP) for private companies. Throughout the deliberative process, the PCSIC would work closely with the Financial Accounting Standards Board (FASB), which would ratify proposed changes and integrate them into U.S. GAAP.
Roundtable participants will include a variety of stakeholders, including private company officers and financial statement preparers, CPA practitioners, and users of private company financial statements.
Written comments may be sent to Private Company Plan, Financial Accounting Foundation, 401 Merritt 7, Norwalk, Connecticut 06856-5116. Comments also may be submitted online at: PrivateCompanyPlan@f-a-f.org.
Anyone interested in observing the roundtables should preregister for specific sessions. Due to seating limitations, no more than two observers from the same organization will be able to attend. The sessions will be recorded for playback from FAF’s webcast archive.
The Plan and additional information are available at www.accountingfoundation.org.
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.