FEI's Committee on Private Company Standards (CPC-S) filed its comment letter last week on the Financial Accounting Foundation's proposal to improve accounting standard-setting for private companies, formally entitled the FAF's Plan to Establish the Private Company Standards Improvements Council (PCSIC) (the 'FAF Plan'). The FEI CPC-S letter, generally agrees with the FAF's proposed PCSIC, but notes some concerns and suggests some improvements.
A total of 6,600 comment letters have been filed to date on the FAF Plan, with over 6,300 of them arising from or bearing resemblance to an AICPA letter-writing campaign, which voices opposition to the FAF Plan., favoring instead the formation of an entirely separate accounting standards board dedicated to private company accounting standards, along the lines of the supermajority opinion in an earlier report by a Blue Ribbon Panel on standard-setting for private companies.
The comment deadline on the FAF Plan closed on January 14; the FAF is currently conducting a series of public roundtables to gain additional feedback on the plan.
Read more about this issue here.