The Private Company Financial Reporting Committee (PCFRC) convened by the Financial Accounting Standards Board and the American Institute of Certified Public Accountants will meet at the FASB offices in Norwalk, Conn. to address accounting issues for U.S. private companies. The agenda is posted at PCFRC Meeting Agenda.
The PCFRC will discuss various topics, including the following:
• Current FASB initiatives related to private company accounting
• Revenue recognition
• Goodwill impairment
• Accounting for financial instruments.
May 5 & 6, 2011
FASB offices, 401 Merritt 7, Norwalk, CT 06856
Judy O’Dell, CPA - Chair, PCFRC
The meeting is open to the public. Media representatives interested in attending should contact Mitchell Slepian at 212-596-6177 or firstname.lastname@example.org or Christine Klimek at 203-956-3459 or email@example.com. Those interested in observing the meeting must pre-register.
About the Private Company Financial Reporting Committee
The Private Company Financial Reporting Committee is a joint effort by the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) to improve the standard-setting process to better meet the needs of privately held enterprises and the users of their financial statements. The committee’s mission is to identify areas in prospective and existing standards where differences could be made for non-issuers, and then make recommendations to the FASB.
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 its website at www.fasb.org.
The American Institute of Certified Public Accountants (www.aicpa.org), founded in 1887, is the world’s largest association representing the accounting profession, with nearly 370,000 members in 128 countries. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting; membership is also available to accounting students and CPA candidates. The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination.
The AICPA maintains offices in New York, Washington, DC, Durham, N.C., Ewing, N.J. and Lewisville, Texas.
Media representatives are invited to visit the AICPA Press Center at www.aicpa.org/press.
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