FASB Goes Gaga For Input On Upcoming Standards For Public, Private Cos.

No, Lady Gaga* is not becoming their new spokesperson, but as evidenced by some of the most recent headlines on FASB's website, and as reflected in some of the most recent news items on FEI's website, FASB is going 'gaga' for input on upcoming standards that will impact public and private companies, as well as input on the standard-setting process for private companies.

Technically, the request for input on the latter item was issued by the Blue Ribbon Panel on Standard-Setting for Private Companies, established this year by the Financial Accounting Foundation or FAF (which oversees FASB), the American Institute of CPAs (AICPA), and the National Association of State Boards of Accountancy (NASBA).

Daryl Buck, Senior Vice President and Chief Financial Officer of Reasor's Holding Company, Inc. and chair of FEI's Committee on Private Company Standards (CPC-S), serves as a member of the Blue Ribbon Panel. FEI's CPC-S is currently considering providing comments to the Blue Ribbon Panel.

For further info, see the Blue Ribbon Panel's Questions for Submissions, and Responses received so far. The comment deadline is September 15; see also the most recent edition of FASB in Focus, issued last week, which provides a summer/fall 2010 roundup on the Blue Ribbon Panel.

Separately, FASB announced on September 10 that it will be holding a series of roundtables on its proposed financial instruments and derivatives accounting standards, and other proposed standards. The proposals are aimed at public as well as private companies. See FASB's press release. See FASB's website, http://www.fasb.org/, for additional webcasts and releases.

IASB-FASB Preparer Questionnaire on Leases
Among recent releases issued by the IASB, which you can read about on http://www.iasb.org/, one in particular I'd like to note - and props to FEI's new Manager of Finance and Research, Ron Wei,
for pointing this out - is the IASB-FASB Preparer Questionnaire on Leases. The questionnaire is part of the two boards' outreach efforts on their joint project on Leases. Questions are provided for preparers who are lessees and for those who are lessors. The IASB and FASB request that responses to the leasing questionnaire be provided by September 30.

* article about Lady Gaga linked above from Boston Herald, for further background, see also NYT and WSJ Speakeasy blog . As noted by one AP writer, (published in Winnipeg Free Press) Lady Gaga 'swept' last night's MTV Video Music Awards, winning a record 8 awards.

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