FASB will hold two public round-table meetings to discuss issues related to private company financial reporting. The first meeting is Oct. 12, 1 p.m. to 4 p.m. at FASB’s offices in Norwalk, Conn. The second meeting is Nov. 2, 9 a.m. to noon in Dallas. The exact location of the
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TOPICS / ACCOUNTING & REPORTING
Special purpose frameworks
Blue-Ribbon Panel Narrows Field for Private Company Financial Reporting
A blue-ribbon panel tasked with providing recommendations on the future of U.S. accounting standards for private companies by the end of this year is focusing on models that are based on current U.S. GAAP but that would result in different standards for private companies, where warranted, compared with GAAP for
Panel Posts Questions on Private Company Financial Reporting for Public Comment
A blue-ribbon panel tasked with providing recommendations on the future of U.S. accounting standards for private companies by the end of this year is seeking public feedback on a series of questions that will assist the panel in discussing how accounting standards can best meet the needs of U.S. users
Blue-Ribbon Panel Narrows Field for Private Company Financial Reporting
A blue-ribbon panel weighed in on seven alternative models for private company financial reporting at its meeting Monday, eliminating models that were based on IFRS and a model that effectively would have maintained the status quo. All of the remaining models under consideration by the panel would result in differences
Blue-Ribbon Panel to Air Alternative Models for Private Company Financial Reporting
A blue-ribbon panel will meet Monday in Chicago to discuss possible alternative models and structures related to GAAP standard setting for private companies. This is the third meeting of the 18-member panel, which was announced in December 2009 and is tasked with providing recommendations by the end of the year
FYI
George Beckwith, CPA, controller of National Gypsum Co. in Charlotte, N.C.; Stephen Bodine, CPA, audit and accounting principal of LarsonAllen LLP in Minneapolis; and Steven D. Lords, CPA, CFO of Martin-Harris Construction in Las Vegas, were named to the Private Company Financial Reporting Committee. “Beckwith’s large private company perspective, Bodine’s
Panel Expresses ‘Broad-Based Concerns’ for Private Company Financial Reporting
There are legitimate, broad-based concerns about whether current U.S. GAAP and the underlying standard-setting process are meeting the needs of private companies, and it is time to start exploring alternatives that have surfaced in other countries, the chairman of a blue ribbon panel told panel members Friday. “There’s a reason
Blue-Ribbon Panel on Private Company Financial Reporting to Meet Friday
The blue-ribbon panel established to provide recommendations on the future of U.S. accounting standards for private companies will hold its second meeting Friday at the offices of the Financial Accounting Foundation, FASB’s parent organization, in Norwalk, Conn. The public portion of the meeting will take place from 9:10 a.m. to
Financial Reporting
The AICPA, the Financial Accounting Foundation (FAF) and the National Association of State Boards of Accountancy (NASBA) on Feb. 26 announced the members of the new blue-ribbon panel on U.S. accounting standards for private companies. The 18-member panel includes lenders, investors and business owners as well as preparers and auditors.
Panel Meets to Discuss Private Company Financial Reporting
Members of a blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies met for the first time Monday to discuss their views on the topic, which has been debated for decades. The key portion of the meeting featured the viewpoints of those panel members
Blue-Ribbon Panel on Private Company Financial Reporting to Meet Monday
A blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies will meet for the first time Monday at the AICPA’s New York office. The public portion of the meeting will take place from 10:30 a.m. to 4:30 p.m. and will be accessible via live
Minding the GAAP
Should private companies adhere to the same set of accounting standards as public companies? This question has been debated for decades by various committees and organizations. In January, Rick Anderson, chairman and CEO of Seattle-based Moss Adams LLP, was named chairman of a new blue-ribbon panel tasked with making recommendations
News Highlights for March 2010
A new blue-ribbon panel is poised to take on the issue of whether separate accounting standards are needed for private companies. The AICPA and the Financial Accounting Foundation, FASB’s parent organization, have launched the panel charged with making recommendations on the future of standard setting for private companies. The
Private Company Financial Reporting Panelists Named
The AICPA, the Financial Accounting Foundation (FAF) and the National Association of State Boards of Accountancy (NASBA) on Friday announced the members of the new blue-ribbon panel on U.S. accounting standards for private companies. The 18-member panel includes lenders, investors and business owners as well as preparers and auditors. The
Moss Adams CEO to Head Blue-Ribbon Panel on Private Company Financial Reporting
Rick Anderson, CEO of Moss Adams LLP, on Monday was named chairman of the blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies. In December, the AICPA and the Financial Accounting Foundation, FASB’s parent organization, announced the launch of the panel, and said that
Panel to Address Accounting Standards for Private Companies
A new panel is poised to take on the issue of whether separate accounting standards are needed for private companies. The AICPA and the Financial Accounting Foundation, FASB’s parent organization, announced Thursday the launch of a blue-ribbon panel charged with making recommendations on the future of standard setting for private
An Update on Accounting for Uncertainty in Income Taxes
Preparers of private company and not-for-profit organization financial statements will have to implement provisions of Topic 740 of the FASB Accounting Standards Codification (ASC) relating to accounting for uncertainty in income taxes (formerly FASB Interpretation no. 48, commonly known as FIN 48) for annual financial statements for periods beginning after
IFRS for SMEs: The Next Standard for U.S. Private Companies?
In July 2009, the International Accounting Standards Board (IASB) released International Financial Reporting Standards designed for use by small and medium-sized entities (SMEs). IFRS for SMEs is a self-contained, standalone set of financial accounting and reporting standards. Along with the standards, the board released implementation guidance, such as example financial
New AICPA Chairman Outlines Goals, Council Releases GAAP Survey at Fall Meeting
CPAs must embrace change if they are to succeed in the future, newly elected AICPA Chairman Robert R. Harris said Tuesday during his inaugural speech at the Institute’s fall Council meeting in Las Vegas, where he began a one-year term. Harris has served the Institute in many capacities, most recently
Canada Finalizes Private Company Accounting Standards
The Canadian Accounting Standards Board (AcSB) on Wednesday approved final accounting standards for private enterprises. The new standards will be issued by the end of the year and will be available for 2009 reporting for entities that choose to adopt them early, according to an AcSB press release. The private
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