FEI Details Regulatory Action on Private Companies: FASB on Definition and Standards. IFRS Proposals. More.
If you’re interested in keeping up on regulatory news in a day-to-day fashion, Financial Executives International (FEI) publishes a greatÂ news pageÂ on its own site and offers content for theÂ FEI Financial Reporting BlogÂ atÂ AccountingWeb. Â Both sites offer multiple monthly highlights from SEC, PCAOB, FASB, IASB, and other regulatory news, including reporting under Sarbanes-Oxley Sect 404. TheÂ FEI Financial Reporting BlogÂ is written by Edith Orenstein, Director of Technical Policy Analysis atÂ FEI. Â Here are some headlines from happenings the past few weeks, with links to fuller articles:
During its past two board meetings, the FASB has reached tentative decisions on a definition of ‘nonpublic entity.’ This definition will be key to determining the scope of companies, commonly referred to as ‘private companies,’ that will be able to avail themselves of specific changes/exceptions to GAAP offered to private co’s going forward and relates as well to the upcoming decision of the FAF (which oversees FASB) on how best to set standards for private companies, e.g. whether and how to implement its proposedPlan to Establish the Private Co Standards Improvement Council (PCSIC) (the ‘FAF Plan’), a decision that is expected to be deliberated if not decided at the FAF’s May meeting. Â 5/3/2012 MoreÂ here.
Article summarizes of recent actions the Financial Accounting Foundation and the Financial Accounting Standards Board, as FAF prepares to meet next week to discussÂ next steps following feedback received on its proposal to improve the way that accounting standards are set for private companies. Â 5/16/2012 MoreÂ here.Â
On May 8, 2012 the International Financial Reporting Standards Foundation, which oversees the International Accounting Standards Board, released proposed enhancements to the International Financial Reporting Standards Foundation’s Due Process Handbook. Â 5/16/2012 Â Find details on the proposed changes, a link to the IFRS’ press release, and specifics and more links on the IASB proposals here.Â
Private Companies Under Scrutiny