Private company reporting

All eyes on standards as PCC holds first meeting

After decades of deliberation on the process for deciding accounting standards for private companies, the standards themselves are about to be reviewed by a new council. The new Private Company Council (PCC) created by the Financial Accounting Foundation (FAF) will meet for the first time Thursday in Norwalk, Conn. The

News highlights for December 2012

The first item of business for the Private Company Council (PCC), which will be chaired by Billy Atkinson, will be working with FASB to continue developing a framework for making decisions about whether and when U.S. GAAP should be modified for private companies. The PCC—created by the Financial Accounting Foundation

Framework for SMEs emphasizes relevance, historical costs

As David Morgan revealed some of the specific principles that will be contained in the proposed Financial Reporting Framework for Small and Medium-Sized Entities, one common theme emerged. “We don’t get into a lot of things that we don’t consider relevant,” Morgan told the audience Monday at the AICPA fall

New Private Company Council’s first meeting set for Dec. 6

The new Private Company Council (PCC) will hold its first public meeting Dec. 6 at the offices of the Financial Accounting Foundation (FAF) in Norwalk, Conn. Formed by FAF to work with FASB to develop modifications and exceptions to U.S. GAAP for private companies, the PCC will open its agenda

FIN 48 among first priorities for new Private Company Council chair

The standard known as FIN 48 will be among the first issues the newly formed Private Company Council (PCC) discusses, Billy Atkinson said Wednesday after being named the council’s chairman. Atkinson said FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, has been a concern for private company representatives.

Private Company Council selections expected this month

A new system for creating exceptions to U.S. GAAP for private companies will move forward with the selection this month of members of the Private Company Council (PCC). During an informational webcast conducted Friday, FASB said the agenda for the Financial Accounting Foundation (FAF) includes a September date for PCC

FASB releases recommendations for private company framework

FASB on Tuesday released its initial staff recommendations on whether and when it will be appropriate to adjust financial reporting requirements for private companies. The recommendations are contained in a paper, Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies. FASB on Tuesday

FAF creates Private Company Council

Along-awaited structure for creating differences in U.S. GAAP for private companies was implemented May 23 when the Financial Accounting Foundation (FAF) voted to establish a new council during a meeting in Washington. The Private Company Council (PCC) will identify and vote on exceptions and modifications to U.S. GAAP for private

Deadline approaching for Private Company Council nominations

Less than two weeks remain to nominate candidates to serve on the new Private Company Council (PCC) that will identify and vote on differences in U.S. GAAP for private companies. The Financial Accounting Foundation (FAF) board of trustees, which will oversee the PCC, is forming the new council and has

AICPA reporting framework for SMEs expected early in 2013

The reporting framework the AICPA is developing for small and medium-size private companies, which will blend accrual income tax methods with other traditional methods of accounting, will be exposed for public comment this fall and is expected to be ready for use in 2013. In May, the AICPA announced plans

New private company council includes FASB, but in reduced role

The Financial Accounting Foundation (FAF) voted Wednesday to create a Private Company Council (PCC) to identify and vote on differences in U.S. GAAP for private companies. FASB will be responsible for “endorsement” rather than “ratification” of the newly created council’s decisions. The PCC will decide on exceptions and modifications to

FAF trustees expected to rule on private company reporting standards

The much-debated future of private company financial reporting is expected to be decided this week. Proponents of differential financial reporting standards for private companies—and advocates of uniform reporting rules—will turn their attention to Washington on Wednesday as 2 ½ years of formal discussion appear ready to end. The Financial Accounting

Private company reporting decision could come in May, FASB chairman says

The Financial Accounting Foundation (FAF) trustees hope to vote on a final structure and plan for private company financial reporting at their meeting in May, FASB Chairman Leslie Seidman said Monday. In her “2012 Chairman’s Outlook on the FASB” webcast, Seidman explained the various private company initiatives being undertaken by

FAF releases "post-implementation review" of FIN 48

The Financial Accounting Foundation’s first formal “post-implementation review” of a FASB standard is complete with this morning’s report that FASB Interpretation no. (FIN) 48, Accounting for Uncertainty in Income Taxes, generally achieves its purpose. According to a FAF announcement, the review concluded that FIN 48 increases relevance and comparability in

Comment period on private company reporting draws to a close

A comment period on private company financial statements that already has produced more than 6,500 letters has left the Financial Accounting Foundation (FAF) trustees with a lot to consider, FAF President and CEO Terri Polley said Thursday. Speaking at a North Carolina Association of CPAs meeting that was simulcast on

One size does not fit all

The U.S. stakeholders—issuers, preparers, users, auditors, standard setters and others—have expressed concern over “the goodness of fit” of current FASB standards to public companies as well as approximately 28 million private companies and businesses. The “one size fits all” school of thought has dominated the FASB mentality. Private companies’ financial

Moving the Needle

Greg Anton, CPA Title: Founding partner, Anton Collins Mitchell LLP City: Denver Education: Bachelor’s degree in accounting, University of Northern Colorado Date of birth: Nov. 6, 1963 Family: Wife, Julie; sons Cameron and Jake Hobbies: Mountain biking, skiing, fly fishing Device he can’t live without: iPad Caff or decaf: Neither

FAF Rejects Independent Standard Setter for Private Companies

The AICPA has expressed profound disappointment with a Financial Accounting Foundation (FAF) proposal on private company accounting standard setting and is urging CPAs and others to weigh in on the debate. The FAF proposal released in October (available at tinyurl.com/3stvppq) would create a Private Company Standards Improvement Council (PCSIC) to

SPONSORED REPORT

Building client loyalty with payroll services

In this report, CPA experts detail their tactics for performing successful payroll services, how to mitigate risk in the process, and the impact payroll can have as a value-added service.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.