In response to the disruptions caused by Hurricane Sandy, the Financial Accounting Standards Board is extending the deadline for comment on a staff paper that outlines an approach for deciding whether and when to modify U.S. GAAP for private companies.
Stakeholders now can provide written comments on the staff paper, Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies, until Nov. 9, 2012.
"We realize that a substantial number of our private company stakeholders were
affected by Hurricane Sandy and may have been prevented from meeting the
original deadline," said FASB Chairman Leslie Seidman in a statement. "These stakeholders are encouraged to submit their written comments as soon as possible, but no later than Nov. 9, 2012. This will give everyone an opportunity to communicate their views, while providing the staff sufficient time to present its findings for deliberation by the Private Company Council and the FASB at the PCC's first public meeting on December 6."
The invitation to comment, and additional project information, is available at on FASB's Web site.
Written comments may be submitted using the FASB's electronic feedback Form, or in the form of a written letter sent via e-mail to email@example.com, File Reference No. 2012-230, or by regular mail addressed to Technical Director, File Reference No. 2012-230, FASB, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116.
Separately, the board has opened registration for an upcoming webcast titled "In Focus: Accounting for Credit Losses on Financial Instruments" that will take place on Friday, November 9, from 1 to 2:15 p.m. Eastern time.
Particpants can register online, and will be eligible for 1.5 hours of CPE credit.
The webcast will feature FASB member Larry Smith and practice fellow Steve Kane providing an overview of the board's proposed accounting for credit losses model, developed as part of its project to improve the accounting for financial instruments.
An archive of the webcast will be available on the FASB Web site through Feb. 7, 2013.