FASB to Decide Latest Changes of Financial Reporting
The FASB has received over 140 comments from the public in response to questions relating to the financial reporting of private companies. The panel upon their meeting will receive an overview of the public comments as well as be updated with information regarding the latest changes at the FASB.
The following topics will be discussed and debated by the panel:
The panel would decide which the best model is preferred for setting private company standards for reporting finances.
Establishing a time frame for achieving the model, should other models be considered intermediate steps in the process and why?
Determine which short-term and/or long-term changes to the structure are necessary pertaining to the preferred model (or sequence or combination of models) and the reasons why?
The panel would decide if there are any additional short-term and/or long-term processes that may be necessary by the Financial Accounting Foundation (FAF), FASB’s parent organization, or both?
By the conclusion of the meeting, the panel will recommend the model/structure suggestions with the goal of reaching a mutual agreement.
The panel is part of a joint effort by the AICPA, the FAF and the NASBA.
The public is invited to listen to the public portion of the meeting on Friday and should tune in 15 minutes before the start of the meeting. The meeting is scheduled to last from 9:15a.m. To 4p.m.
The panel consists of 18 members who represent a financial cross section of lenders, investors, owners, regulators, auditors, and various reporting constituencies. The chair for the meeting is Rick Anderson, CEO of Moss Adams LLP.