The Private Company Financial Reporting Committee received an update on the Financial Accounting Standards Board’s efforts to bring U.S. GAAP into line with International Financial Reporting Standards, especially in how that effort would relate to private companies.
The PCFRC, which is a FASB committee that receives administrative support from the American Institute of CPAs, received an update on Monday and Tuesday from FASB board members about the status of various standards, according to PCFRC chair Judy O’Dell. Board member Larry Smith attended the meeting, and the committee was also briefed by FASB staff members on particular projects in which they were involved. As part of FASB’s increased efforts to reach out to private companies and forestall the establishment of a separate board for private company standard setting, at least one board member will be present from now on at all PCFRC meetings. FASB board members have attended all the PCFRC meetings since April 2010, according to a FASB spokesperson.
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