Standards Overseer to Consider Proposal for Private Company Financial Reporting  

Oleh:

DeFelice, Alexandra

Jenis: Article from Bulletin/Magazine
Dalam koleksi: Journal of Accountancy vol. 211 no. 2 (Feb. 2011), page 34-36.
Topik: Standard-setting board; private companies; financial; budget; public companies

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.30 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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FASB's parent organization, the Financial Accounting Foundation (FAF), this month is expected in discuss a report recommending a new standard-setting board to establish exceptions and modifications to US GAAP for private companies. At the blue-ribbon panel's final meeting in December 2010, a more detailed outline of its recommendations began to take shape. As proposed, a new standard-setting board, under FAFs oversight, could have live members with private company financial reporting experience and an estimated $4 million annual budget. One of the top transitional recommendations is to fill one or both of the two FASB board positions created in August with individuals who have primarily private company experience. The draft proposal also suggested that FASB start work on the creation of a broad set of criteria that articulates what differences private companies have from public companies. Panel members agreed this decision criteria would be of critical importance and be the basis for making appropriate modifications and exceptions for private companies.

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