December 1, 2012
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Article
The first item of business for the Private Company Council (PCC), which will be chaired by Billy Atkinson, will be working with FASB to continue developing a framework for making decisions about whether and when U.S. GAAP should be modified for private companies. The PCC—created by the Financial Accounting Foundation (FAF) in part to propose exceptions to GAAP for private companies—will meet for the first time Dec.
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December 1, 2012
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Article
The first item of business for the Private Company Council (PCC), which will be chaired by Billy Atkinson, will be working with FASB to continue developing a framework for making decisions about whether and when U.S. GAAP should be modified for private companies. The PCC—created by the Financial Accounting Foundation (FAF) in part to propose exceptions to GAAP for private companies—will meet for the first time Dec.
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December 1, 2012
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Article
The first item of business for the Private Company Council (PCC), which will be chaired by Billy Atkinson, will be working with FASB to continue developing a framework for making decisions about whether and when U.S. GAAP should be modified for private companies. The PCC—created by the Financial Accounting Foundation (FAF) in part to propose exceptions to GAAP for private companies—will meet for the first time Dec.
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July 1, 2012
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BY
Ken Tysiac
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Article
Along-awaited structure for creating differences in U.S. GAAP for private companies was implemented May 23 when the Financial Accounting Foundation (FAF) voted to establish a new council during a meeting in Washington. The Private Company Council (PCC) will identify and vote on exceptions and modifications to U.S. GAAP for private companies.
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July 1, 2012
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BY
Ken Tysiac
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Article
Along-awaited structure for creating differences in U.S. GAAP for private companies was implemented May 23 when the Financial Accounting Foundation (FAF) voted to establish a new council during a meeting in Washington. The Private Company Council (PCC) will identify and vote on exceptions and modifications to U.S. GAAP for private companies.
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July 1, 2012
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BY
Ken Tysiac
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Article
Along-awaited structure for creating differences in U.S. GAAP for private companies was implemented May 23 when the Financial Accounting Foundation (FAF) voted to establish a new council during a meeting in Washington. The Private Company Council (PCC) will identify and vote on exceptions and modifications to U.S. GAAP for private companies.
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March 12, 2012
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BY
Ken Tysiac
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Article
The Financial Accounting Foundation (FAF) trustees hope to vote on a final structure and plan for private company financial reporting at their meeting in May, FASB Chairman Leslie Seidman said Monday. In her “2012 Chairman’s Outlook on the FASB” webcast, Seidman explained the various private company initiatives being undertaken by FASB and its parent organization, FAF.
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March 7, 2012
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BY
Ken Tysiac
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Article
As its parent foundation works to develop a plan on improving private company accounting standards, FASB is trying to determine which entities can call themselves nonpublic. FASB announced Wednesday that it will undertake a project to reexamine the definition of a “nonpublic entity.” The announcement is likely to be welcome news to CPAs working in the nonpublic sector, where many believe that a more consistent and clear definition of a nonpublic entity is needed.
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January 12, 2012
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BY
Ken Tysiac
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Article
The Financial Accounting Foundation’s first formal “post-implementation review” of a FASB standard is complete with this morning’s report that FASB Interpretation no. (FIN) 48, Accounting for Uncertainty in Income Taxes, generally achieves its purpose. According to a FAF announcement, the review concluded that FIN 48 increases relevance and comparability in reporting information about income tax uncertainties.
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January 12, 2012
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BY
Ken Tysiac
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Article
A comment period on private company financial statements that already has produced more than 6,500 letters has left the Financial Accounting Foundation (FAF) trustees with a lot to consider, FAF President and CEO Terri Polley said Thursday. Speaking at a North Carolina Association of CPAs meeting that was simulcast on the Web, Polley said the input has been helpful.
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