The Private Company Financial Reporting Committee met to discuss topics ranging from revenue recognition to FIN 48-d and loan-loss contingencies.
The main topic of discussion at the meeting in Washington, D.C., last week, was finalizing the committees comment letter on FSP FIN 48-d, the Financial Accounting Standards Boards proposed staff position on Application Guidance for Pass-Through Entities and Tax-Exempt Not-for-Profit Entities and Disclosure Modifications for Nonpublic Entities. The committee, which is a joint effort of FASB and the American Institute of CPAs, will basically approve what FASB has already done, according to committee chair Judy ODell. However, the PCFRCs letter will mention that there needs to be some clarification of the effective date of the standard.
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