The American Institute of CPAs and the Financial Accounting Standards Board have set a date for FASB's Private Company Financial Reporting Committee to meet.
The event will take place on Sept. 20 and 21 at the Westin Park Central Hotel in Dallas. It will be open to the public. The committee is part of an initiative by the AICPA and the FASB to improve the standards-setting process so it can meet the needs of privately-held companies and users of their financial statements. It is charged with identifying areas where improvements can be made in the standards and pass along its recommendations to the FASB.
Among the items on the agenda is an educational session on the SEC Advisory Committee on Reducing Complexity in Financial Reporting. The committee also intends to discuss the International Financial Reporting Standard for Small and Medium-Sized Entities.
In other AICPA news, the institute has proposed a series of amendments to its own bylaws that have been recommended by the AICPA board to its governing council.
One of the proposed amendments extends the effective date through 2012 of the 150-hour education requirement for applicants who became eligible to sit for the CPA test after January 1, 2001. Another proposal allows a mail ballot to pass by two-thirds of the council members voting. The AICPA has also proposed allowing election to contested seats on the council to be decided by a plurality instead of a majority of votes. The AICPA sent out a ballot to all of its members and has recommended that they vote yes on all the proposals.
