meeting with Teresa Polley, president
and chief executive officer of the
Lawrence Smith, member of the Financial
Accounting Standards Board (FASB),
and CSCPA members representing the
Accounting and Reporting Standards,
hosted a listening tour. The consistent
message received was that not enough
attention has been paid by standard setters
to the differences between public and pri-
vate companies. As a result, FAF recom-
mended the creation of a Private
gest private company standards differ-
ences and modifications to the FASB.
would be instrumental in creating a deci-
sion-making framework for private compa-
ny modifications. This framework would be
the basis for deciding when differences
between private and public standards are
appropriate. Under the proposal, the
PCSIC would report to the FAF and work
with the FASB. The current proposal rec-
ommends that a FASB member should
chair the group in order to champion the
cause of privately held entities and the
users of their financial statements.
Polley, president and chief executive officer of the Financial Accounting Foundation, discuss
the push to create a Private Companies Standards Improvement Counsel.
fellow participants during a break.