FASB to Meet With Small Co., Private Co. Advisory Committees
5/8/2012
Later this week, the Financial Accounting Standards Board is slated to meet jointly with its Small Business Advisory Committee (
SBAC) and its Private Company Financial Reporting Committee
(PCFRC) - formed jointly a number of years ago by FASB and the American Institute of Certified Public Accountants). The advisory groups will also hold separate meetings. (See the
SBAC Handout.)
PCFRC will potentially be replaced by a new private company standard-setting advisory group currently under consideration by the FASB's parent organization, the Financial Accounting Foundation, based on FAF's redeliberation of its proposed Plan to Establish the Private Company Standards Improvement Council (PCSIC) (the 'FAF Plan'). Discussion of that topic is set for FAF's May 23 meeting, as noted in FAF's recently released
meeting agenda.