Special purpose frameworks

FASB’s parent organization, the Financial Accounting Foundation (FAF), is considering a report recommending a new standard-setting board to establish exceptions and modifications to U.S. GAAP for private companies.   This discussion follows the culmination of a year’s worth of work by a blue-ribbon panel, formed in December 2009 as part

The Financial Accounting Foundation, FASB’s parent organization, on Tuesday issued a proposal that would create a Private Company Standards Improvement Council (PCSIC) to determine whether exceptions or modifications to U.S. GAAP are required to address the needs of users of private company financial statements. FAF proposed that the 11- to

FASB said it is hosting two public round-table meetings in October to discuss issues relating to existing private company accounting and reporting standards. The meetings, scheduled for Oct. 11 and Oct. 17, will discuss issues including accounting and disclosure requirements relating to variable-interest entities, interest rate swaps and level 3

FASB’s parent organization, the Financial Accounting Foundation (FAF), said Friday it is forming a working group to review the adequacy and effectiveness of FASB’s efforts in setting standards for the private company and nonprofit sectors. The creation of the working group follows the release earlier this year of a report

A blue-ribbon panel on Wednesday submitted a report to FASB’s parent organization—the Financial Accounting Foundation (FAF)—recommending significant changes to the future of accounting standard setting for private companies, including a separate standard-setting board. The panel concluded that “there are urgent and growing systemic issues that need to be addressed in

A more detailed outline of what would be a blue ribbon panel recommendation for a new private company accounting standard-setting board began to take shape Friday. The new standard-setting board could have between five and seven members with private company financial reporting experience, an estimated $4 million annual budget and

Asked why the panel on private company financial reporting appears to be favoring a separate standards board making modifications to existing U.S. GAAP (as compared to writing new standards)several members of the panel pointed to a simple factor – time.   “How we got to where we got to as

The blue ribbon panel on private company financial reporting is heading down a path to recommend that the Financial Accounting Foundation, FASB’s parent organization, accept U.S. GAAP with exceptions for private companies and that those standards should be set not by FASB but by a separate board under FAF’s oversight.

A blue-ribbon panel will meet Friday at the AICPA’s New York office to possibly recommend alternative models and structures related to GAAP standard setting for private companies. The panel will receive a brief overview of the more than 140 public comments FASB received in response to a series of questions