MEDIA ADVISORY 11/30/10

Private Company Financial Reporting Committee to meet Dec. 2–3 in Norwalk, Connecticut

WHAT: The Private Company Financial Reporting Committee (PCFRC) convened by the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) will meet at the FASB offices in Norwalk, CT, to address accounting issues for U.S. private companies. Please visit the PCFRC page, on the FASB website’s Advisory Groups tab, and click on the link to view the meeting agenda.

The PCFRC will discuss various topics, including the following:

  • Update about IFRS for SMEs Implementation Group activities
  • Revenue Recognition
  • Goodwill Impairment Testing
  • Update on the Blue Ribbon Panel's activities on standard setting for private companies.

WHEN:       December 2–3, 2010

WHERE:     FASB offices
                   401 Merritt 7
                   Norwalk, CT 06856

WHO:          Judy O'Dell, CPA
                    Chair, PCFRC

The meeting is open to the public. Media representatives interested in attending should contact Mitchell Slepian at 212-596-6177 or mslepian@aicpa.org or Christine Klimek at 203-956-3459 or clklimek@f-a-f.org. Those interested in observing the meeting must pre-register.


About the Private Company Financial Reporting Committee


The Private Company Financial Reporting Committee is a joint effort by the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) to improve the standard-setting process to better meet the needs of privately held enterprises and the users of their financial statements. The committee’s mission is to identify areas in prospective and existing standards where differences could be made for non-issuers, and then make recommendations to the FASB.

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit its website at www.fasb.org.

About the American Institute of Certified Public Accountants

The American Institute of Certified Public Accountants (www.aicpa.org) is the national, professional association of CPAs, with 369,000 CPA members worldwide in business and industry, public practice, government, education, student affiliates and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination. The AICPA publishes the website www.IFRS.com to inform members and the public about international accounting standards.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, Ewing, NJ and Lewisville, TX.