Leadership / Management | Legislative / Regulatory

Private company financial reporting standards are for real


Judy O'Dell with MACPA leaders.

Judy O'Dell, an MACPA member who chairs the FASB's new Private Company Financial Reporting Committee (PCFRC), met with MACPA Chair-elect Tom Foard and sub-committee chairs of the association's Business and Industry Committee the night before the MACPA's Business and Industry Conference, held at the Turf Valley Inn & Conference Center in Ellicott City.

Judy just returned from the PCFRC's inaugural meeting, held May 10-11 in Chicago. I was amazed that she took the time to drive up to meet us . The dedication of CPAs like her is truly a blessing in our profession.

She outlined an aggressive agenda that includes FIN 48, FIN 46R and FASB 123R. She said the committee hit the ground running by making an immediate impact with the group comments on "Subsequent Events" disclosures.

MACPA Industry Standards sub-committee Chair Mike Kocorowski was able to get advice on how we can keep our members up with the work of this committee. It is great to see FASB have a real interest in the needs of private companies, which are the primary drivers of the U.S. economy.

  • Read the highlights from the PCFRC's first meeting here.
  • To share thoughts and receive materials from the committee, join the committee's Resource group by clicking here.

Judy is a sole practitioner on our Eastern Shore. She also has experience as a managing partner of a mid-size CPA firm in Philadelphia and a long list of committee service and volunteerism for state CPA societies and the AICPA.