Stakeholders will have another opportunity on October 18 to earn CPE credit while learning about a recent Financial Accounting Standards Board (FASB) staff paper and its recommendations for creating a private company decision-making framework. On that date, from 1:30 to 2:45 p.m. EDT, the FASB will host a live, encore performance of its recent webcast titled IN FOCUS: The FASB Private Company Decision-Making Framework Project. Those who preregister and participate in the live broadcast will be eligible for up to 1.5 hours of CPE credit. (Please note that CPE credit is not available for group viewing of the live broadcast.)
"Our September 14 webcast on the private company decision-making framework project generated a lot of interest, questions, and insights among viewers", stated FASB Technical Director Susan M. Cosper. "By hosting a second live webcast on October 18, we hope to give even more stakeholders the opportunity to learn about what's in the paper and why their feedback is critical to the success of improving financial reporting for private companies."
In addition to Cosper, the webcast will feature FASB Assistant Director-Nonpublic Entities Jeff Mechanick and FASB Project Manager Michael Cheng, who will provide an overview of the FASB's recent Invitation to Comment on a staff paper that outlines an approach for deciding whether and when to modify US Generally Accepted Accounting Principles (GAAP) for private companies. The document, Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies, contains initial FASB staff recommendations for criteria to determine whether, and in what circumstances, it would be appropriate to adjust financial reporting requirements for private companies following GAAP.
The webcast covers the following topics:
- Six significant factors identified by the staff that differentiate the financial reporting considerations of private companies
- Five areas where financial accounting and reporting guidance might differ for private and public companies
- Next steps, including plans for the FASB and the newly formed Private Company Council (PCC) to jointly deliberate the feedback received before finalizing the framework.
At the end of the program, participants will understand the paper's initial recommendations that reflect what stakeholders told the FASB staff about their experiences using, preparing, auditing, reviewing, and compiling private company financial statements. They will also obtain a general understanding of what feedback is needed from stakeholders, and how the FASB and the PCC will deliberate the input received prior to finalizing the framework.
An archive of the webcast will be available on the FASB website through Wednesday, January 16, 2013. (CPE credit will not be available to those who view only the archived webcast.) More information about the webcast is available on the FASB website.
Source: September 18, 2012, FASB Press Release