FASB Chairman Covers IFRS, Private Cos In Keynote Address; FAF Invites Panelists For Roundtables On Private Co Standard-Setting

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In her keynote address at an AICPA conference in Washington, DC last week, FASB Chairman Leslie Seidman focused on the current status of convergence efforts with the IASB, and provided the FASB and FAF's views on the SEC's upcoming decision on incorporation of IFRS into the U.S. financial reporting system, as well as the potential future role of FASB in that environment.

Seidman also addressed a significant portion of her remarks on FASB's current and planned efforts to improve private company accounting standards, and a related proposal of FASB's parent body, the FAF, to form a Private Company Improvements Standards Council (PCSIC) to focus on the needs of users of private company financial statements, and related improvements to standards to better meet those needs, such as through exceptions to GAAP for private companies.

The FAF's proposal on private co standard-setting is a hot button issue; in addition to seeking comment on its proposal by the Jan. 14, 2012 deadline, the FAF seeks participants for a series of public roundtables slated for January and Feb. of 2012.
 

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