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September 22, 2011 11:28:32 am

FASB’s Actions to Address Private Company Concerns

Financial Accounting Standards Board (FASB) chair Leslie Seidman commented on the board’s progress in addressing private company accounting standards in a recent interview.   The board efforts have included:

  • Meeting with constituents from private companies
  • Adding a new board member with extensive private company experience
  • Dedicating additional staff for private company outreach
  • Increasing board member participation in the Private Company Financial Reporting Committee, FASB’s committee which is responsible for bringing the concerns of private companies to the board
  • Adding a private company portal to the FASB website, and
  • Issuing a differential framework for private company standards in response to the Blue-Ribbon Panel on Standard Setting for Private Companies. 


The FASB is expecting its parent organization to make a decision on whether oversight of private company issues will be handled by a separate board. 

For more detail on the FASB’s efforts to address private company concerns, please see Accounting Today.

To discuss this or other private accounting issues, please contact Steve Cogan.  For more information on REDW’s audit and consulting services, please click here.

 


Tags: Accounting Standards, Audit


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