FASB and PCC to Host Private Company Town Hall at the University of Washington
(Targeted News Service Via Acquire Media NewsEdge) NORWALK, Conn., Jan. 21 -- The Financial Accounting Standards Board issued the following news release:
The Financial Accounting Standards Board (FASB) and the Private Company Council (PCC) will host their second Private Company Town Hall Meeting taking place on May 8, 2014, at the University of Washington in Seattle, Washington. The town hall meeting will take place from 8:30 a.m. to 1:00 p.m. PDT in Dempsey Hall.
The town hall meetings are intended to provide private company stakeholders across a wide variety of industries the opportunity to discuss private company accounting issues and share input on current and future agenda topics of both the FASB and the PCC.
Diane M. Rubin, a member of the PCC and a University of Washington alumnus, will lead the discussion. Other expected participants are FASB Chairman Russell G. Golden, FASB members Lawrence W. Smith and Daryl E. Buck, and PCC members George W. Beckwith and Steven J. Brown.
Due to limited seating, and to ensure that the town hall meeting includes a broad range of views, the FASB and the PCC are limiting participation to a certain number and mix of stakeholders. Interested stakeholders should register in advance to participate; however, to ensure that we have achieved a balanced mix of stakeholders we will confirm with participants their accepted attendance in advance. The town hall meeting will be recorded and available for audio playback on the FASB website, www.fasb.org.
About the Private Company Council (PCC)
The PCC determines alternatives to existing nongovernmental U.S. GAAP to address the needs of users of private company financial statements, based on criteria mutually agreed upon by the PCC and the FASB. Before being incorporated into U.S. GAAP, PCC recommendations will be subject to a FASB endorsement process. The PCC also serves as the primary advisory body to the FASB on the appropriate treatment for private companies for items under active consideration on the FASB's technical agenda.
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.
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