NEWS RELEASE 10/15/12

Register Today for the FASB’s “Encore” CPE Webcast on the Private Company Decision-Making Framework Project on October 18

Deadline to Comment on FASB Staff Paper is October 31, 2012

Norwalk, CT, October 15, 2012—The Financial Accounting Standards Board (FASB) is providing stakeholders another opportunity to learn about a FASB staff paper outlining potential approaches to determining whether and when it is appropriate to adjust financial reporting requirements for private companies following U.S. GAAP.

On Thursday, October 18, from 1:30 p.m. to 2:45 p.m. EDT, the FASB will host a live, encore performance of its recent webcast titled IN FOCUS: The FASB Private Company Decision-Making Framework Project. Those who preregister and participate in the live broadcast will be eligible for up to 1.5 hours of CPE credit. (Please note that CPE credit is not available for group viewing of the live broadcast.)

The webcast features an overview of Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies, a FASB staff paper that outlines initial staff recommendations on criteria for a private company decision-making framework. The paper was issued as an Invitation to Comment last July, with stakeholders asked to provide written feedback by October 31, 2012.

The webcast will feature FASB Technical Director Susan M. Cosper, FASB Assistant Director―Nonpublic Entities Jeff Mechanick, and FASB Project Manager Michael Cheng. Topics for discussion will include:

  • Six significant factors identified by the staff that differentiate the financial reporting considerations of private companies
     
  • Five areas where financial accounting and reporting guidance might differ for private and public companies
     
  • Next steps, including plans for the FASB and the newly formed Private Company Council (PCC) to jointly deliberate the feedback received before finalizing the framework. 
At the end of the program, participants will understand the paper’s initial recommendations that reflect what stakeholders told the FASB staff about their experiences using, preparing, auditing, reviewing, and compiling private company financial statements. They will also obtain a general understanding of what feedback is needed from stakeholders, and how the FASB and the PCC will deliberate the input received prior to finalizing the framework.

An archive of the webcast will be available on the FASB website through Wednesday, January 16, 2013. (CPE credit will not be available to those who view only the archived webcast.) More information about the webcast is available at www.fasb.org.


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.