Tag Archives: FASB

NASBA Comments on PCC Framework

State Board Report June 2013 The Private Company Council’s proposed “Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies” drew support from NASBA Chair Gaylen Hansen and President Ken Bishop in a letter sent to the Financial Accounting Standards Board on May 31, 2013. The letter praised “the open process of…

Majority Rules at FASB and GASB

State Board Report March 2013 Decisions about the Financial Accounting Standards Board’s or Governmental Accounting Standards Board’s agenda setting, project planning and prioritizing of projects will no longer be given final approval by the FASB or GASB chairman, but by a majority vote of the respective board’s members during a public meeting. The policy change…

PCC Seeks Framework Comments

State Board Report March 2013 In its first joint standard-setting activity with the Financial Accounting Standards Board, the Public Company Council, at their second meeting on February, 12, 2013, voted to seek additional public input on a proposed private company decisionmaking framework. This framework will be used for determining under what circumstances it is appropriate…

FASB Framework Comments Due Oct. 31

State Board Report September 2012 The Financial Accounting Standards Board is calling for comments by October 31, 2012 on its proposed approach for deciding whether and when to modify U.S. Generally Accepted Accounting Principles for private companies. The approach is outlined in “Private Company Decision-Making Framework: A Framework for Evaluating Financial and Reporting Guidance for…

Private Company Council Taking Shape

State Board Report July 2012 Both Financial Accounting Foundation Chair John J. Brennan and FAF President Teresa S. Polley expressed their appreciation to NASBA for the relationship that has developed between the two organizations. Chair Brennan told the Eastern Regional Meeting, "We thank NASBA for being great partners with the FAF – constructive, supportive and…

NASBA Responds to JOBS Bill

State Board Report April 2012 Both houses of Congress passed the JOBS Act (the Jump-Start Our Business Start-Ups Act – H.R. 3606 and S. 1933), on a vote of 390 to 23 in the House and 73 to 26 in the Senate. NASBA had encouraged Accountancy Board members, staff and other interested parties to contact…

FASB’s Seidman Cites Private Co. Steps

State Board Report November 2011 The Financial Accounting Standards Board has significantly increased its outreach to private companies, and taken steps to “make private company concerns an integral part of every standard-setting deliberation” it undertakes, FASB Chair Leslie F. Seidman told the NASBA Meeting. Steps taken include: initiation of a webcast education series that offers…

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…

Hansen Addresses SEC Roundtable

State Board Report July 2011 GAAP is integral to the State Boards’ complaint-based enforcement system, the yardstick for enforcement, NASBA Director-at-Large Gaylen Hansen reminded the Securities and Exchange Commission’s July 7, 2011 roundtable discussion on the potential impact of U.S. adoption of International Financial Reporting Standards. The more sets of standards there are, the more…

East, West Conferences Highlight Industry Issues

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