Tag Archives: FAF

FAF Releases Plans for PCSIC

State Board Report October 2011 A proposal for the creation of the Private Company Standards Improvement Council (PCSIC) was released by the Financial Accounting Foundation’s (FAF) Board of Trustees on October 3, 2011. The PCSIC, under the oversight of the FAF, would identify accounting standards that require revisions for private companies, and then vote on specific…

Written on October 30, 2011 at 1:45 pm, by

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NASBA Board of Directors Supports FAF Process

October 21, 2011 A new private company plan was released October 4, 2011 for public comment by the Board of Trustees of the Financial Accounting Foundation (FAF). The centerpiece of the plan is a new council with the authority to identify, propose and vote on specific improvements to U.S. accounting standards for private companies. The…

Written on October 28, 2011 at 2:02 pm, by

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NASBA Praises the FAF’S Outreach

Financial Accounting Foundation Reaches Out to Financial Information Users on Standard Setting for Private Companies NASHVILLE, TN, October 4, 2011– The National Association of State Boards of Accountancy (NASBA)  has praised the regulatory vigor demonstrated by the Financial Accounting Foundation (FAF), as it reached out to hear from users of financial information in its recent…

Written on October 4, 2011 at 11:08 am, by

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East, West Conferences Highlight Industry Issues

Author: David Costello, CPA, NASBA President and CEO
Posted: August 4, 2011

Written on August 4, 2011 at 9:00 am, by

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Blue-Ribbon Panel Addressing Standards for Private Companies Submits Report of Recommendations to Financial Accounting Foundation

NORWALK, CT (January 2011) – The blue-ribbon panel addressing how U.S. accounting standards can best meet the needs of users of private company financial statements has issued a report of its recommendations to the Financial Accounting Foundation (FAF) Board of Trustees. The report calls for fundamental changes to the system of standard setting including the…

Written on January 26, 2011 at 4:11 pm, by

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Blue-Ribbon Panel Addresses Standards for Private Companies

Proposes Separate Standards Board and GAAP with Exceptions Norwalk, CT, (December 10, 2010) — The blue-ribbon panel addressing how U.S. accounting standards can best meet the needs of users of private company financial statements continued its discussion today of a potential new standard-setting board for private companies, reaffirming a consensus view reached in October that…

Written on December 10, 2010 at 4:16 pm, by

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BRP Big Topic at NASBA Annual

State Board Report November 2010 The AICPA/FAF/NASBA Blue Ribbon Panel (BRP) on Standard Setting for Private Companies has determined that there is a problem in U.S. GAAP being relevant and overly complex for private companies, and the Panelists have whittled down to two their possible recommended solutions to this situation. Both solutions would have standards…

Written on November 2, 2010 at 5:59 pm, by

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BRP Continues Debate

State Board Report October 2010 While the AICPA/FAF/NASBA Blue Ribbon Panel (BRP) on Private Company Standard Setting members have agreed that more attention needs to be paid to private companies’ problems with financial reporting standards, the 18‐member body has not yet resolved how this should be accomplished. At the conclusion of the October 8, 2010…

Written on October 9, 2010 at 6:36 pm, by

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Blue-Ribbon Panel Addressing Standards for Private Companies Weighs GAAP with Exceptions and a Separate Standards Board

Norwalk, CT, October 8, 2010—A majority of the blue-ribbon panel addressing how U.S. accounting standards can best meet the needs of users of private company financial statements believes there is a need for a new standard-setting model that follows Generally Accepted Accounting Practices (GAAP) with exceptions for private companies. In addition, the majority envisions a…

Written on October 8, 2010 at 4:22 pm, by

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BRP Constructing Models

State Board Report August 2010 We want to avoid differential standards, NASBA Chair Billy Atkinson told the Blue Ribbon Panel (BRP) on Standard Setting for Private Companies at their third meeting on July 19, 2010, held in Chicago. Having discussed with the NASBA Ethics and Strategic Professional Issues Committee, Regulatory Response Committee and other concerned…

Written on August 9, 2010 at 6:45 pm, by

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