NEWS RELEASE 05/11/10
AICPA/FAF/NASBA “Blue-Ribbon” Panel on Standard Setting for Private
Companies to Host Second Meeting on Friday, May 14Norwalk, CT, May
11, 2010—The AICPA/FAF/NASBA "Blue-Ribbon" Panel on Standard Setting
for Private Companies will hold its second meeting on Friday, May 14, at the FAF
offices at 401 Merritt 7, Norwalk, CT 06856. The public portion of the meeting,
from 9:10 a.m. to 4:00 p.m., with a lunch break, will be webcast live through
the AICPA and FAF websites. An archived recording of the webcast will be
available on both websites following the meeting.
In the morning session,
the Panel will continue its discussion on when and how U.S. GAAP financial
statements are used for private companies and on whether they are meeting user
needs in a manner that is cost-beneficial for both users and preparers. In the
afternoon session, the Panel will discuss how the U.S. environment and standards
for private companies compare to those in other countries and regions and what
we can learn from the experience of other standard setters, including the IASB,
the Canadian Accounting Standards Board, and the U.K. Accounting Standards
In-person admission to the public meeting is limited; attendees
at the FASB website in advance. Members of the press who are interested in
attending the public meeting should contact Neal McGarity, FAF director of
communications, at mailto:email@example.com.
and background materials for the meeting are available here.
FAF - Neal E. McGarity, 203-956-5347, mailto:firstname.lastname@example.org; Christine L.
Klimek, 203-956-3459, email@example.com.
- William Roberts, 202-434-9266, firstname.lastname@example.org; Joel Allegretti,
Media representatives are invited to visit the AICPA Online Media Center at http://www.aicpa.org/MediaCenter.
- Tom Kenny, 615-880-4237, email@example.com.
the Financial Accounting Foundation
The FAF is responsible
for the oversight, administration, and finances of both the Financial Accounting
Standards Board (www.fasb.org) and its
counterpart for state and local government, the Governmental Accounting
Standards Board (www.gasb.org).
is the designated organization in the private sector for establishing standards
of financial accounting and reporting for nongovernmental entities in the United
States. The GASB establishes and improves financial accounting and reporting
standards for state and local governments. The FAF also is responsible for
selecting the members of both Boards and their respective Advisory
The FAF is based in Norwalk, CT.
The American Institute of Certified Public
is the national, professional association of CPAs, with more than 360,000
members, including CPAs in business and industry, public practice, government,
and education. It sets ethical standards for the profession and U.S. auditing
standards for audits of private companies; federal, state and local governments;
and not-for-profit organizations. It develops and grades the Uniform CPA
The AICPA maintains offices in New York, Washington, DC,
Durham, NC, Ewing, NJ, and Lewisville, TX.
The National Association of State Boards of
is the membership organization for the 55 boards of accountancy (50 states,
Puerto Rico, Virgin Islands, Washington DC, Guam, and Commonwealth of the
Northern Mariana Islands). NASBA’s mission is to enhance the effectiveness of
state boards of accountancy through programs that preserve the public trust and
confidence in the CPA license, ensure that the integrity, objectivity, and
independence of CPAs are not compromised and foster compliance with ethical and
NASBA is headquartered in Nashville, TN and
maintains a northeast office in New York, NY.