MEDIA ADVISORY 12/11/12

Report on First PCC Meeting to Be Featured in December 13 Webcast, IN FOCUS: FASB Update for Nonpublic Entities

Norwalk, CT, December 11, 2012—Last week’s inaugural meeting of the Private Company Council (PCC) will be one of the topics of discussion during an upcoming webcast hosted by the Financial Accounting Standards Board (FASB). On Thursday, December 13, from 1:00 to 2:40 p.m. EST, the FASB will host IN FOCUS: FASB Update for Nonpublic Entities. Viewers of the live webcast, which is available free of charge to those who preregister, are eligible to receive up to two CPE credits.

The PCC was established earlier this year by the Board of Trustees of the Financial Accounting Foundation (FAF) to work with the FASB to improve private company financial reporting. The first public meeting of the PCC and the FASB was held on December 6. Part of Thursday’s webcast will feature FASB members Tom Linsmeier and Marc Siegel and FASB staff members providing an overview of that meeting and next steps as determined by the Council.

Related and other topics of discussion will include:
  1. The Private Company Decision-Making Framework project and the related project reexamining the definition of a nonpublic entity
     
  2. The work of the FASB’s Not-for-Profit (NFP)Advisory Committee
     
  3. A brief overview of several projects in process, including:
     
    1. The FASB’s Disclosure Framework project and its relationship to the Private Company Decision-Making Framework project
       
    2. The FASB-IASB projects on Leases, Revenue Recognition, and Accounting for Financial Instruments (focusing on latest developments)
       
    3. Other FASB projects of interest to private companies and NFP organizations.
An archive of the webcast will be available on the FASB website through Wednesday, March 13, 2013. (CPE credit will not be available to those who view only the archived webcast.) More information about the webcast will be available at www.fasb.org.


About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board and its counterpart for state and local government, the Governmental Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.