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.