On Aug. 5, 2010, the AICPA/FAF/NASBA "Blue-Ribbon" Panel on Standard Setting for Private Companies announced it is seeking written input from constituents in the form of responses to seven questions.
Responses will assist the panel in discussing how accounting standards can best meet the needs of United States users of private company financial statements and making recommendations thereon to the Financial Accounting Foundation Board of Trustees.
Varioius FEI members serve on the Blue Ribbon Panel, including the chair of FEI's Committee on Private Company Standards, Daryl Buck, and they encourage your participation. Click here to respond. Responses are due on Sept. 15, 2010.
Read more about FEI's Committee on Private Company Standards (CPC-S) here.
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Friday, August 6, 2010
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I have attended all of the blue ribbon panel meetings as an editor for the Journal of Accountancy. This panel is extremely interested in getting feedback from users, preparers and practitioners to make recommendations on private company financial reporting to FAF by the end of the year.
In this case, they plan to post all the comments to FASB’s website and the panel will discuss the comments at its next meeting in October.
Here is more information on the comments:
http://www.journalofaccountancy.com/Web/20103168.htm
Here is a link to the Journal of Accountancy’s coverage of the July meeting:
http://www.journalofaccountancy.com/Web/20103123.htm
Alexandra DeFelice
Senior Editor
Journal of Accountancy
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