CPC offers letter on standard-setting.

PositionFinancial Accounting Standards Board

In an recent letter to the Financial Accounting Standards Board (FASB), the Standards Committee of FEI's Committee on Private Companies (CPC) broadly supported the proposals contained in an Invitation to Comment (ITC) issued by FASB on Enhancing the Financial Accounting and Reporting Standard-Setting Process for Private Companies.

In the letter, signed by Andy Thrower, chairman of the subcommittee, CPC said it supports the idea of improving FASB's process for determining whether differences are needed in prospective and existing standards for private company financial reporting, as well as a plan to sponsor a committee designed to boost private-company input in the standard-setting process.

CPC agreed with the contention from FASB and the American Society of Certified Public Accountants (AICPA) that user needs and cost-benefit considerations should guide any committee. The letter adds:

"We also believe that another key task for the committee will be to determine if private company user...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT