2013

    Press Release


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    Contact(s):

    Mitchell Slepian
    212.596.6177
    mslepian@aicpa.org

    AICPA Welcomes Private Company Council’s Proposals 

    Published July 02, 2013

    NEW YORK (July 2, 2013) – The following is a statement by the  American Institute of CPAs (AICPA) in response to three exposure drafts issued by the Financial Accounting Standards Board (FASB) and Private Company Council (PCC) to address concerns raised about the relevance and complexity of certain aspects of GAAP for private company stakeholders:

     “Knowing that choice for private businesses is critical in this era of financial reporting, the AICPA welcomes the progress the Financial Accounting Foundation, FASB, and PCC have made in their efforts to improve the relevance of GAAP as it relates to private companies. By issuing these exposure drafts, the PCC has taken an important step in proposing alternative accounting within GAAP regarding intangible assets acquired in business combinations, goodwill, and certain types of interest rate swaps – all of which are highly relevant topics to privates companies. The AICPA encourages all stakeholders to evaluate the proposals in the exposure drafts and provide comments to the PCC. We compliment the PCC and its chairman, Billy Atkinson, for leadership and commitment to advance the process in an expeditious manner. The AICPA’s Financial Reporting Executive Committee and PCPS Technical Issues Committee intend to review the exposure drafts and offer comments on the specific guidance, issues and questions contained therein to the FASB and PCC.”

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