Spotlight settles on private company reporting
A few weeks ago, we told you about the new Private Company Financial Reporting Committee, which is chaired by MACPA member Judy O'Dell.
New details about the committee's first meeting in May are available in this AICPA article.
Created by the AICPA and the Financial Accounting Standards Board, the committee will provide FASB with recommendations about whether "there should be differences in prospective and existing accounting standards for private companies. "
The committee also will address FASB projects like subsequent events, financial statement presentation, liabilities and equity, leases, international convergence, FAS 133 hedging, business combinations, small- and medium-size entities and revenue recognition.
“The meeting went extremely well and the committee is energized for the tasks at hand,” said Dan Noll, the AICPA's director of accounting standards.
We'll keep you posted on the committee's progress. In the meantime, check out these related resources.