News Release 05/09/16

FASB AND PCC TO HOST PRIVATE COMPANY TOWN HALL
AT BARUCH COLLEGE


Norwalk, CT, May 9, 2016—The Financial Accounting Standards Board (FASB) and the Private Company Council (PCC) will host a Private Company Town Hall Meeting on Monday, June 13, 2016, at Baruch College in New York City.

Co-sponsored by the New York State Society of CPAs (NYSSCPA) and Baruch College, the event will take place from 9:00 a.m. to noon in Room 14-220 of Baruch College's Newman Vertical Campus at 55 Lexington Avenue.

The town hall meetings are intended to provide private company stakeholders across a wide variety of industries the opportunity to discuss private company accounting issues and share input on current and future agenda topics of both the FASB and the PCC.

Candace E. Wright, chair of the PCC, will lead the discussion. Other expected panelists are FASB members Daryl E. Buck and Lawrence W. Smith, and PCC members Steven J. Brown and Lawrence E. Weinstock.

Interested stakeholders should register in advance to participate. Participants will be eligible to receive up to 3 hours of Continuing Professional Education (CPE) credit offered by NYSSCPA, at no cost. The town hall meeting will be recorded and available for audio playback on the FASB website, www.fasb.org.


About the Private Company Council (PCC)

The PCC is the primary advisory body to the FASB on private company matters. The PCC uses the Private Company Decision-Making Framework to advise the FASB on the appropriate accounting treatment for private companies for items under active consideration on the FASB’s technical agenda. The PCC also advises the FASB on possible alternatives within GAAP to address the needs of users of private company financial statements. Any proposed changes to GAAP are subject to endorsement by the FASB. For more information, visit www.fasb.org/pcc.


About the Financial Accounting Standards Board

Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.