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State Board Report

August 2013

As promised by NASBA leadership, they are monitoring the progress of the Private Company Council to bring about financial reporting standards that are responsive to the needs of private companies, and they have judged it to be good, according to Chair Gaylen R. Hansen (CO). He reported to the NASBA Board at their July 26 meeting that the fourth meeting of the PCC, held earlier that month, resulted in another initiative, a total of four to date changes being proposed by the PCC. The members of the Financial Accounting Standards Board have been in full attendance at the PCC’s meetings and Mr. Hansen believes the FASB will not oppose the changes being recommended.

He also reported that NASBA representatives have been meeting with AICPA representatives and believes that their concerns about the AICPA’s Financial Reporting Framework for Small and Medium-Size Entities will be addressed. Mr. Hansen told the Board, “We have vested trust in the AICPA that they will do things in the right way. In the long-term we believe FRF will fade into the background as an OCBOA, and small and medium-size entities will be using GAAP thanks to the PCC’s work.”

Also at the July Board meeting, President Ken L. Bishop noted his pleasure with having 48 Boards participate in the June 2013 Regional Meetings. He thanked the Regional Directors and meeting speakers for presenting valuable conferences and credited the wide participation to the work of Vice President – Board Relations Daniel J. Dustin, who has gone out to many Boards to prove NASBA is listening to them and ready to assist when called upon. At the Eastern Regional Meeting, 42 student leaders participated in a concurrent conference sponsored by the NASBA Center for the Public Trust. President Bishop maintained that the 17 student chapters of the CPT, located throughout the U.S., are making a difference in the lives of students and are an initiative in which NASBA can take pride in establishing and continuing to support.

Executive Vice President and Chief Executive Officer Colleen Conrad detailed for the Board the points under negotiation in the ongoing examination contract discussions with the AICPA, Prometric and NASBA. The Board voted to authorize President Bishop and Chair Hansen to approve these contracts as generally described.

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