Yesterday, FEI's Committee on Private Company Standards (CPS-S) released a working draft of a white paper entitled, "A Model Conceptual Framework for Private Company Accounting Standards." The current chair of the CPC-S committee is Bill Koch, and the principal author of the paper is CPC-S past chair Andy Thrower.
CPC-S Vice Chair Daryl Buck, a member of the Blue Ribbon Panel on Private Company Accounting, and a former member of the FASB-IASB Private Company Financial Reporting Committee (PCFRC), has forwarded a copy of the CPC-S working draft to the staff of the Blue Ribbon Panel on Private Company Accounting, to share with the panel.
The Blue Ribbon Panel was formed this year under the joint sponsorship of the Financial Accounting Foundation (FAF - which oversees the FASB), the AICPA, and the National Association of State Boards of Accountancy (NASBA). Additional information on the Blue Ribbon Panel can be found in our April 6 blog post. The next meeting of the Blue Ribbon Panel will take place on May 14 at the FAF.
CPC-S has also posted the document on FEI's website, www.financialexecutives.org, and is publicizing it through the FEI blog, so the concepts described in the working draft can be considered by the Blue Ribbon Panel and others with interest in private company accounting standard setting.
Buck explains: "CPC-S greatly appreciates the work of the Blue Ribbon Panel on behalf of private companies, as we have stated in a recent letter to the chairmen of FAF [Financial Accounting Standards Foundation] and FASB [Financial Accounting Standards Board]. We are confident that our working draft document will provide useful input for the Blue Ribbon Panel's discussions, and we look forward to receiving the Blue Ribbon Panel's feedback."
Highlights of the FEI CPC-S 76-page working draft can be found in the Preface at the beginning of the document.
Separately, FEI CPC-S also recently sent a comment letter to the Chairmen of the FAF and the FASB expressing concern about the pace of accounting standard-setting, as noted in our May 3 blog post.
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