FASB AND PCC TO HOST PRIVATE COMPANY TOWN HALL
Norwalk, CT, May 9, 2016—The Financial
Accounting Standards Board (FASB) and the Private Company Council (PCC) will host a Private Company
Town Hall Meeting on Monday, June 13, 2016, at Baruch College in New York City.
Co-sponsored by the New York State Society of CPAs (NYSSCPA) and Baruch College, the event will take place from 9:00 a.m. to
noon in Room 14-220 of Baruch College's Newman Vertical Campus at 55 Lexington
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.
Candace E. Wright, chair of the PCC,
will lead the discussion. Other expected panelists are FASB members Daryl E.
Buck and Lawrence W. Smith, and PCC members Steven J. Brown and Lawrence E.
Interested stakeholders should register in advance to participate. Participants will be
eligible to receive up to 3 hours of Continuing Professional Education (CPE)
credit offered by NYSSCPA, at no cost. The town hall meeting will be recorded
and available for audio playback on the FASB website, http://www.fasb.org/.
the Private Company Council (PCC)
The PCC is the primary
advisory body to the FASB on private company matters. The PCC uses the Private
Company Decision-Making Framework to advise the FASB on the appropriate
accounting treatment for private companies for items under active consideration
on the FASB's technical agenda. The PCC also advises the FASB on possible
alternatives within GAAP to address the needs of users of private company
financial statements. Any proposed changes to GAAP are subject to endorsement by
the FASB. For more information, visit www.fasb.org/pcc.
About the Financial Accounting Standards
Established in 1973, the FASB is the independent,
private-sector, not-for-profit organization based in Norwalk, Connecticut, that
establishes financial accounting and reporting standards for public and private
companies and not-for-profit organizations that follow Generally Accepted
Accounting Principles (GAAP). The FASB is recognized by the Securities and
Exchange Commission as the designated accounting standard setter for public
companies. FASB standards are recognized as authoritative by many other
organizations, including state Boards of Accountancy and the American Institute
of CPAs (AICPA). The FASB develops and issues financial accounting standards
through a transparent and inclusive process intended to promote financial
reporting that provides useful information to investors and others who use
financial reports. The Financial Accounting Foundation (FAF) supports and
oversees the FASB. For more information, visit http://www.fasb.org/.