FASB Proposal on Private Co Standard-Setting Coming in a Matter of "Weeks," FAF's Polley Says in Sept. 1 Newsletter

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In the Sept., 2011 "From the President's Desk" letter issued earlier today, Financial Accounting Foundation President & CEO Terri Polley said that after receiving an enormous amount of written and in-person feedback on the topic of how best to set accounting standards for private (nonpublic) companies, the FAF plans to release a proposal on this matter for public comment "in the coming weeks."

Close to 2,500 'unsolicited' (i.e., prior to a formal request for comment) letters have been filed with the FAF/FASB on the subject of private co standard-setting so far, with the initial letter having been filed in the spring by FEI's Committee on Private Company Standards, chaired by George Beckwith.

As noted in Polley's letter, in addition to the longer term strategic decisions being undertaken by the FAF on how best to set accounting standards for private co's (including consideration of the report and recommendations of the Blue Ribbon Panel on Private Co Accounting, issued earlier this year, which recommended formation of a separate board focused on private co accounting standards), FASB is conducting public hearings next month on particular issues and how best to handle those matters for private companies.

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