Earlier this week, the Private Company Financial Reporting Committee (PCFRC), formed jointly by the Financial Accounting Standards Board and the AICPA in 2007 to advise FASB on matters relating to private companies vis-à-vis existing and proposed accounting standards, met with members of the FASB board and staff. The meeting was webcast.
The PCFRC also met with representatives of the Financial Accounting Foundation, which oversees the FASB. As previously reported, the FAF is conducting outreach on standard-setting for private companies, including with respect to the recommendations made earlier this year by a blue ribbon panel on private company standard-setting. See the comment letter filed by FEI's Committee on Private Company Standards (CPC-S).
The agenda, linked in the PCFRC meeting materials, included general updates and discussion of various FAF and FASB initiatives under way to study potential improvements in the standard setting process as relates to private company constituents, and more specific discussion of particular accounting standards.
George Beckwith, Chairman of FEI’s Committee on Private Company Standards (CPC-S), serves as a member of the PCFRC in his personal capacity, along with a number of other FEI members. (See PCFRC roster).