Norwalk, Conn. - The Financial Accounting Standards Board intends to host two public roundtable meetings to solicit input on private company accounting and reporting issues.
The roundtables are part of a series of such forums planned for the fall that are designed to provide interested parties with the opportunity to express their views on various standard-setting issues.
"The board's purpose in holding these public roundtables is to engage in a constructive dialogue about private company accounting and reporting issues with a wide variety of stakeholders, including private companies, their CPA practitioners, and users of private company financial statements," said FASB assistant director for nonpublic entities Jeffrey Mechanick in a statement. "We want to hear a variety of perspectives on how high-quality financial reporting can be achieved while taking into account the specific needs of the private company sector."
Issues to be discussed at the roundtables are expected to include, but will not be limited to, Consolidation (Codification Topic 810, originally issued as FASB Interpretation 46(R)) and Income Taxes (Codification Topic 740, originally issued as FASB Interpretation 48). The roundtables are scheduled as follows:
Tuesday, Oct. 12, from 1:00-4:00 p.m. at the FASB offices in Norwalk; and,
Tuesday, Nov. 2, 2010, from 9:00 a.m.-12:00 p.m. in Dallas (at presstime, the exact location had yet to be announced).
The board is still seeking private company stakeholders to participate in both roundtables. Any individual or organization representing those constituencies desiring to participate in a roundtable should notify FASB by sending an e-mail to email@example.com and indicating their location preference. Those interested in observing the roundtables must pre-register for specific sessions. Since seating is limited, no more than three observers from the same organization may attend.
Each session will be audiocast live at www.fasb.org.
At least two other groups related to FASB have also been holding their own meetings related to private company accounting. Members of FASB's parent organization, the Financial Accounting Foundation, have been participating in a separate set of meetings since April of the Blue Ribbon Panel on Standard-Setting for Private Companies, which also includes members of the American Institute of CPAs and the National Association of State Boards of Accountancy. In addition, the Private Company Financial Reporting Committee, a joint committee of FASB and the AICPA, has been continuing to hold meetings.
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