Financial Reporting Framework for SMEs

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Private Company Financial Reporting Overview

On May 23, 2012, the Financial Accounting Foundation announced its decision to make process and structural improvements in private company financial reporting by creating a new Private Company Council. The chairman and members of the PCC were named on September 19. December 6 marked the group's inaugural meeting. The AICPA and other stakeholders now eagerly await the appropriate substantive changes in GAAP the PCC is charged with producing to reflect the private company environment.

AICPA Explains Support for FAF's Decision	President/CEO Video	PCC Chairman Addresses Priorities
Changes FAF made to its original proposal enabled the Institute to support FAF's final decision.	AICPA President and CEO discusses FAF's creation of a new Private Company Council.	PCC's chairman talks about looking at FIN 48, fair value, FIN 46(R) and other issues.

PCFR Resources
	GAAP for Private Companies Variable-interest entities among first issues PCC identifies for discussion PCC Chairman favors holistic approach over differential standards for public, private companies for public, private companies for public, private companies for public, private companies FAF press release announcing members of Private Company Council Full report on FAF's plan for the new Private Company Council (released May 30) AICPA press release on FAF decision and Institute's development of OCBOA for small- and medium-sized entities FAQ on private company financial reporting and plans for an AICPA non-GAAP accounting option for smaller companies JournalofAccountancy.com article on changes from FAF's original proposal FAF's press release on creating the Private Company Council

PCFR Resources

GAAP for Private Companies

Variable-interest entities among first issues PCC identifies for discussion

PCC Chairman favors holistic approach over differential standards for public, private companies for public, private companies
FAF press release announcing members of Private Company Council
Full report on FAF's plan for the new Private Company Council (released May 30)
AICPA press release on FAF decision and Institute's development of OCBOA for small- and medium-sized entities
FAQ on private company financial reporting and plans for an AICPA non-GAAP accounting option for smaller companies
JournalofAccountancy.com article on changes from FAF's original proposal
FAF's press release on creating the Private Company Council

	Background The Blue Ribbon Panel delivered its report to FAF in late Jan. 2011. FAF conducted an outreach program and released a proposal on Oct. 4, 2011 with comments due Jan. 14, 2012. Roundtables were held Jan. through March 1, 2012 for additional input. FAF's decision to establish a Private Company Council was released May 23, 2012. Journal of Accountancy coverage of the panel and private company financial reporting Report to the Board of Trustees of the Financial Accounting Foundation

Background

The Blue Ribbon Panel delivered its report to FAF in late Jan. 2011. FAF conducted an outreach program and released a proposal on Oct. 4, 2011 with comments due Jan. 14, 2012. Roundtables were held Jan. through March 1, 2012 for additional input. FAF's decision to establish a Private Company Council was released May 23, 2012.

Journal of Accountancy coverage of the panel and private company financial reporting
Report to the Board of Trustees of the Financial Accounting Foundation

AICPA Expresses Support for FAF's Creation of Private Company Council; Announces Development of OCBOA for Small- and Medium-Sized Entities AICPA President and CEO Barry Melancon, CPA, CGMA, gives an overview of the Financial Accounting Foundation's decision on process and structural changes through a new Private Company Council and discusses the AICPA's effort to develop an OCBOA financial reporting framework for privately held smaller entities.

AICPA Expresses Support for FAF's Creation of Private Company Council; Announces Development of OCBOA for Small- and Medium-Sized Entities

AICPA President and CEO Barry Melancon, CPA, CGMA, gives an overview of the Financial Accounting Foundation's decision on process and structural changes through a new Private Company Council and discusses the AICPA's effort to develop an OCBOA financial reporting framework for privately held smaller entities.

Quick Links
The Financial Accounting Foundation's proposal, Plan to Establish the Private Company Standards Improvement Council (released Oct. 4, 2011); comment deadline was Jan. 14. For more information, send an email to rdurak@aicpa.org