NEWS RELEASE 11/01/12
FASB Extends Invitation to Comment on Private Company Decision-Making
Framework Staff Paper to November 9
Norwalk, CT, November 1,
2012—The Financial Accounting Standards Board (FASB) today announced
that it would extend the deadline for comment on a staff paper that outlines an
approach for deciding whether and when to modify U.S. Generally Accepted
Accounting Principles (GAAP) for private companies. Stakeholders now can provide
written comments on the staff paper, Private
Company Decision-Making Framework: A Framework for Evaluating Financial
Accounting and Reporting Guidance for Private Companies, until
November 9, 2012.
FASB Chairman Leslie F. Seidman stated:
"We realize that a substantial number of our
private company stakeholders were affected by Hurricane Sandy and may have been
prevented from meeting the original deadline. These stakeholders are encouraged
to submit their written comments as soon as possible, but no later than November
9, 2012. This will give everyone an opportunity to communicate their views,
while providing the staff sufficient time to present its findings for
deliberation by the Private Company Council (PCC) and the FASB at the PCC's
first public meeting on December 6."
Written comments may be submitted
using the FASB's convenient electronic
feedback form. Stakeholders can also provide their comments in the
form of a written letter by submitting their comments via email to director@fasb.org,
File Reference No. 2012-230. Those without email should send their written
comments to "Technical Director, File Reference No. 2012-230, FASB, 401 Merritt
7, PO Box 5116, Norwalk, CT 06856-5116."
The Invitation
to Comment, and additional project information, is available at www.fasb.org.