The Financial Accounting Foundation
Board of Trustees
Request for Comment
Plan to Establish the
Private Company Standards Improvement Council
Issued
October 4, 2011
Comments Requested by January 14,
2012
On Tuesday, October 4, the Financial Accounting
Foundation´s Board of Trustees issued for public comment a Plan to Establish
the Private Company Standards Improvement Council. The plan calls for the
establishment of a new council with the authority to identify, propose, and vote
on specific improvements to US accounting standards for private companies.
Changes would be subject to ratification by the Financial Accounting Standards
Board (FASB). Users, preparers, auditors, and others with an interest in private
company financial reporting are encouraged to read the plan and provide the FAF
with their comments by January 14, 2012.
Important Links
Plan
to Establish the Private Company Standards Improvement
Council
Executive
Summary
Press
Release
NEW—Financial
Accounting Foundation to Host Roundtables and Webcast on Plan to Improve Private
Company Financial Reporting—Press
Release
Roundtables
(Times and Locations To Be Announced)
Webcast—IN
FOCUS: The FAF Plan to Improve Private Company Financial
Reporting
"From
the President´s Desk"—October 2011
Download
Podcast—Interview with FAF President and CEO Terri Polley, featuring
opening remarks from Jack Brennan, Chairman of the Board of the FAF
Trustees
Comment
Letters*received on Plan
to Establish the Private Company Standards Improvement Council
*The FAF has
received a large volume of identical or near identical letters from individual
stakeholders. We have posted a sample of these letters as the first document
(Letter No. 0) in our list of Comment
Letters. We have also placed a link on that sample letter that will enable
stakeholders to view each and every one of the identical or near identical
letters. We hope this format provides efficient navigation for our stakeholders
who desire to view the various comments we receive on the Plan to Establish
the Private Company Standards Improvement Council.
