MEDIA ADVISORY 09/13/10
Financial Accounting Standards Board Announces Public Roundtable Meetings to
Solicit Input on Private Company Accounting and Reporting
Issues
Norwalk, CT, September 13, 2010—The Financial
Accounting Standards Board (FASB) has announced it will host two public
roundtable meetings to discuss issues relating to existing accounting and
reporting standards as they affect private companies. The roundtables are part
of a series of such forums planned for the fall that are designed to provide
interested stakeholders the opportunity to express their views on various FASB
issues.
“The Board’s purpose in holding these public roundtables is to
engage in a constructive dialogue about private company accounting and reporting
issues with a wide variety of stakeholders, including private companies, their
CPA practitioners, and users of private company financial statements,” states
Jeffrey Mechanick, FASB assistant director for nonpublic entities. “We want to
hear a variety of perspectives on how high-quality financial reporting can be
achieved while taking into account the specific needs of the private company
sector.”
Issues to be discussed at the roundtables are expected to
include, but will not be limited to, Consolidation (Codification Topic 810,
originally issued as FASB Interpretation 46(R)) and Income Taxes (Codification
Topic 740, originally issued as FASB Interpretation 48).
The roundtables
are scheduled as follows:
Tuesday, October 12, 2010
FASB
Public Roundtable Meeting on Private Company Accounting and Reporting
Issues
Time: 1:00 p.m. – 4:00 p.m. (Eastern Daylight
Time)
Location: FASB offices, 401 Merritt 7, Norwalk, CT
06856
Tuesday, November 2, 2010
FASB Public Roundtable Meeting
on Private Company Accounting and Reporting Issues
Time:
9:00 a.m. – 12:00 p.m. (Central time)
Location: Dallas, Texas (exact
location to be announced later)
The Board is still seeking private
company stakeholders to participate in both roundtables. Any individual or
organization representing those constituencies desiring to participate in a
roundtable should notify the FASB by sending an email to director@fasb.org
and indicating your location preference. Those interested in observing the
roundtables must pre-register
for specific sessions. Since seating is limited, no more than three observers
from the same organization may attend. Each session will be audiocast live 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.