Earlier this week, the Financial Accounting Foundation posted summaries of the comment letters received,
and summaries of public roundtables held on, the FAF's Plan to Establish a Private Company Standards Improvements Council. (PCSIC; the 'FAF Plan').
Trends in Summary of Comment Letters
The summary of comment letters breaks out major points from the over 7,000 'form letters' received (modeled after an AICPA letter-writing campaign), which generally objected to the FAF's proposal, particularly on the point regarding proposed FASB ratification (viewed by some as 'veto power') over the proposed PSCIC's recommendations, from a summary of objections to, and support for, the 289 additional comment letters (non-form letters) filed on the FAF Plan.
Read the comment letter filed by FEI's Committee on Private Company Standards (CPC-S).
According to my own quick analysis of the FAF comment letter summary (see disclaimer posted on the right side of this blog), although a majority of the 'form letters' objected to the FAF Plan particularly on the one point mentioned above, (vs. forming an independent standard setting organization to set standards for private co's), it appears to me that looking across all the other constituencies among the 289 other comment letters, that a majority of those letters generally support the FAF Plan.
FAF Decision Expected
As previously reported
in various news sources, including the AICPA JofA
, at its upcoming May 22-23 meeting, the FAF is expected to, at a minimum, discuss, and potentially reach a decision on, how to proceed with its plan to improve private company standard setting, considering the feedback received through the comment letters and public roundtables.
Summaries written by FAF staff of input received at its four public roundtables have been posted by the FAF at these links:
We have also provided some high level summaries from some of our FEI members who participated directly in, or observed some of the above roundtables, most recently:
Highlights of FAF'sPrivate Co Roundtable 3/1, Boston, MA
Also on the FAF-Front, see also our earlier post: Public Debate, Transparency Keystones of the Standard-Setting Process: FAF's Polley