FEI CPC-S Releases Working Draft on Private Co. Accounting

May 19th 2010
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Ahead of last week's meeting of the Blue Ribbon Panel on Private Co Accounting (co-sponsored by the FAF, AICPA and NASBA), FEI's Committee on Private Company Standards (CPS-S) released a working draft of a white paper entitled, "A Model Conceptual Framework for Private Company Accounting Standards." The current chair of the CPC-S committee is Bill Koch, and the principal author of the paper is CPC-S past chair Andy Thrower.

CPC-S Vice Chair Daryl Buck, a member of the Blue Ribbon Panel on Private Company Accounting, and a former member of the FASB-IASB Private Company Financial Reporting Committee (PCFRC), forwarded a copy of the CPC-S working draft to the staff of the Blue Ribbon Panel on Private Company Accounting, to share with the panel, and the CPC-S working draft was also posted among the reference/background documents by the Blue Ribbon Panel for its May 14 meeting.

Additional information on the Blue Ribbon Panel can be found in our April 6 blog post.

CPC-S has also posted the document on FEI's website, www.financialexecutives.org, and is publicizing it through the FEI blog, so the concepts described in the working draft can be considered by the Blue Ribbon Panel and others with interest in private company accounting standard setting.

CPC-S Vice Chair Daryl Buck explains: "CPC-S greatly appreciates the work of the Blue Ribbon Panel on behalf of private companies, as we have stated in a recent letter to the chairmen of FAF [Financial Accounting Standards Foundation] and FASB [Financial Accounting Standards Board]. We are confident that our working draft document will provide useful input for the Blue Ribbon Panel's discussions, and we look forward to receiving the Blue Ribbon Panel's feedback."

Highlights of the FEI CPC-S 76-page working draft can be found in the Preface at the beginning of the document.

Separately, FEI CPC-S also recently sent a comment letter to the Chairmen of the FAF and the FASB expressing concern about the pace of accounting standard-setting, as noted in our May 3 blog post.



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