Financial Accounting Foundation Announces Webcast, Roundtables on Private Company Plan

The Financial Accounting Foundation (FAF) announced it will sponsor a November 18 webcast and three roundtables in early 2012 on the Request for Comment Plan to Establish the Private Company Standards Improvement Council.

The Plan was published in early October and is now out for comment until January 14, 2012.

The FAF’s proposal is to create a Private Company Standards Improvement Council (PCSIC) to replace the Private Company Financial Reporting Committee, which is jointly sponsored by the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA). The PCSIC would propose modifications to U.S. GAAP for the FASB to consider.

Under the FAF’s proposal, the PCSIC would comprise a chairman and 11-15 members. The chairman would be a member of the FASB. PCSIC members would be selected and appointed by the Trustees. Members would include users, preparers, and practitioners who have significant experience with private company financial statements. In addition, all seven FASB members would attend its 4-6 annual meetings at FASB headquarters in Norwalk, CT. PCSIC meetings would be webcast and open to the public, except for discussions of an administrative nature.

A full copy of the FAF’s proposal can be found here