News Release 11-03-11
NEWS RELEASE 11/03/11
Financial Accounting Foundation to Host Roundtables and Webcast on Plan to Improve Private Company Financial ReportingNorwalk, CT, November 3, 2011—The Financial Accounting Foundation (FAF) will sponsor three public roundtables early next year and a live webcast later this month to enable interested parties to express their views and learn more about the FAF’s proposal to improve accounting standard setting for private companies, the FAF announced today.
The webcast, set for November 18, and the three roundtables, scheduled for next January and February in Atlanta, Dallas, and Palo Alto, will focus on the FAF’s recently issued Plan to Establish the Private Company Standards Improvement Council.
“The upcoming webcast represents an important opportunity for private company stakeholders to learn more about all the elements of the Foundation’s plan,” said John J. Brennan, chairman of the FAF Board of Trustees. “The roundtables in January and February will enable interested parties to share their feedback and engage in an in-depth dialogue with FAF Trustees on specific recommendations in the plan,” he added.
The FAF plan is intended to focus greater attention on private company issues during the standard-setting process. Under the 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.
The live, hour-long webcast (which will offer up to one hour of CPE credit) is scheduled for Friday, November 18, from 1:30 to 2:30 p.m. EST. Entitled IN FOCUS: The FAF Plan to Improve Private Company Financial Reporting, the event will feature Mr. Brennan and Terri Polley, president and CEO of the FAF, who will provide an overview of the plan and discuss the importance of stakeholder feedback on its specific provisions. Participants in the live broadcast will have the opportunity to submit questions during the event. A complete CPE course description and registration information are available at www.accountingfoundation.org.
The roundtables will offer interested parties across the country the opportunity for an in-depth, face-to-face discussion of the private company plan with FAF Trustees, and senior FAF and FASB leadership. Participants will include a variety of stakeholders, including private company officers and financial statement preparers, CPA practitioners, and users of private company financial statements. Roundtables are scheduled for January 18 in Atlanta, Georgia; January 26 in Dallas, Texas; and February 7 in Palo Alto, California. Specific sites and times for the events will be announced in the next few weeks.
Any individual or organization representing private company stakeholders interested in participating in the roundtables should complete and submit an online application form on or before December 16. Those wishing to participate in the roundtables must submit their written comments on the FAF plan by January 6, 2012. Written comments may be sent to Private Company Plan, Financial Accounting Foundation, 401 Merritt 7, Norwalk, Connecticut 06856. 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 is available at www.accountingfoundation.org.
Continuing Professional Education credit earned for the webcast will be determined based on the length of participation in the program, polling questions as described in the CPE eligibility document, and completion of a course survey. Credit is provided only to participants in the live broadcast of this course. Each participant must be registered separately and meet both polling and duration requirements as per the National Association of State Boards of Accountancy (NASBA).
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.