Financial Reporting Framework for SMEs

    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

     



    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.

    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.



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