FASB AND PCC TO HOST PRIVATE COMPANY TOWN HALL AT THE UNIVERSITY OF WASHINGTON
Norwalk, CT, January 21, 2014—The Financial Accounting
Standards Board (FASB) and the Private Company Council (PCC) will host their
second Private Company Town Hall Meeting taking place on May 8, 2014, at the
University of Washington in Seattle, Washington. The town hall meeting will take
place from 8:30 a.m. to 1:00 p.m. PDT in Dempsey Hall.
The town hall meetings
are intended to provide private company stakeholders across a wide variety of
industries the opportunity to discuss private company accounting issues and
share input on current and future agenda topics of both the FASB and the
PCC.
Diane M. Rubin, a member of the PCC and a University of Washington
alumnus, will lead the discussion. Other expected participants are FASB Chairman
Russell G. Golden, FASB members Lawrence W. Smith and Daryl E. Buck, and PCC
members George W. Beckwith and Steven J. Brown.
Due to limited seating,
and to ensure that the town hall meeting includes a broad range of views, the
FASB and the PCC are limiting participation to a certain number and mix of
stakeholders. Interested stakeholders should register
in advance to participate; however, to ensure that we have achieved a
balanced mix of stakeholders we will confirm with participants their accepted
attendance in advance. The town hall meeting will be recorded and available for
audio playback on the FASB website, http://www.fasb.org/.
About the Private Company Council (PCC)
The PCC
determines alternatives to existing nongovernmental U.S. GAAP to address the
needs of users of private company financial statements, based on criteria
mutually agreed upon by the PCC and the FASB. Before being incorporated into
U.S. GAAP, PCC recommendations will be subject to a FASB endorsement process.
The PCC also serves as the primary advisory body to the FASB on the appropriate
treatment for private companies for items under active consideration on the
FASB's technical agenda.
About the Financial Accounting
Foundation
The FAF is responsible for the oversight,
administration, and finances of both the Financial Accounting Standards Board
(FASB) and its counterpart for state and local government, the Governmental
Accounting Standards Board (GASB). The Foundation is also responsible for
selecting the members of both Boards and their respective Advisory Councils.
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 http://www.fasb.org/.