Updates on FRF for SMEs™ and Private Company Council on Agenda of National Advanced Accounting and Auditing Technical Symposium

July 10, 2013

WHAT:       AICPA National Advanced Accounting and Auditing Technical
WHEN:       July 11 – 12, 2013
WHERE:    Gaylord Opryland
                    Nashville, Tenn.
                    Conference sessions are available virtually, in real-time.

WHO:         Billy Atkinson, CPA, Chair, Private Company Council, Sugar Land, TX
                    Robert Durak, CPA, CGMA, Director, AICPA, New York, NY

Mr. Atkinson will address the conference on the topic of private company financial reporting on Thursday, July 11 at 9:10 a.m. The Private Company Council (PCC) was formed in the fall of 2012 by the Financial Accounting Foundation to improve the process of setting accounting standards for private companies. He will discuss the Council’s approach and decisions made to date, as well as issues that are on its agenda and under consideration. 

At 10:00 a.m., immediately following Mr. Atkinson’s remarks, Mr. Durak will delve into specific details of the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs™), which was introduced by the AICPA on June 10. The FRF-SMEs™ is a new accounting option for preparing streamlined, relevant financial statements for privately held owner-managed businesses that are not required to use U.S. Generally Accepted Accounting Principles (GAAP).

In a statement issued on July 2 in reaction to the PCC’s issuance of three exposure drafts, the AICPA welcomed 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. The AICPA also complimented the PCC and its chairman, Billy Atkinson, for leadership and commitment to advance the process in an expeditious manner. 

A copy of the conference schedule is available at: http://media.cpa2biz.com/Publication/ConferenceDocs/2013/NAA13_043013.pdf  

Media representatives who would like to attend the conference in person or access it via the Internet may contact Shirley Twillman at 202-434-9220 for press credentials.