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Urgent Developments in Private Company Financial
Reporting for CPAs in Business & Industry |
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Dear Financial Leader,
One of the most important issues facing our profession is private company financial reporting. After decades of debate about whether U.S. GAAP, in terms of both the standards and the process that leads to those standards, adequately considers the unique needs of private companies’ owners and financial statement users, we’re the closest we’ve ever been to changing the financial reporting system.
It may be a now or never scenario, though, and so your understanding of the issue and participation to help bring about this much-needed and long-overdue change is critical.
A free 1-hour Webcast, Urgent Developments in Private Company Financial Reporting for CPAs in Business & Industry, will focus on the recent work of the Blue Ribbon Panel on Private Company Financial Reporting and the importance of enacting their two major recommendations:
- Enhance the relevance of GAAP for private companies by making significant modifications, where warranted.
- Create a new, separate standard-setting body for private company accounting standards reporting directly to the Financial Accounting Foundation.
The Webcast offers one free CPE credit and will be conducted by Barry Melancon, CPA, President and CEO of the AICPA, and Paul Stahlin, CPA, Chairman of the AICPA Board of Directors. Registration is limited to first 1,000.
| Type: Video Webcast |
Field of Study: Accounting – 1.0 |
| Date: June 13, 2011 |
Level: Overview |
Time: 12:30 PM - 1:30 PM PT
(3:30 PM – 4:30 PM ET) |
Prerequisites: None |
| Recommended CPE Credit: 1.0 |
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CPAs who work in private companies have been saying for a long, long time that these businesses have financial information needs that are much different from those of large public entities. Moreover, CPAs are aware that U.S. GAAP has become exceedingly complex and difficult to apply, especially for private companies. Too much of what is included in current financial statements is not useful to private company owners, lenders and investors.
Please join us for this important event on private company financial reporting issues. You can get more information and resources, including videos of a banker and a private company financial statement preparer, at aicpa.org/privateGAAP. Additional resources for this and other important issues are available at Journal of Accountancy, BusIndNews, AICPA News Update and CPA Letter Daily.
Sincerely,
Carol Scott, CPA, MBA
Vice President - Business, Industry & Government
American Institute of Certified Public Accountants
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