Private Company Financial Reporting Committee
The Financial Accounting Standards Board (FASB) embarked on a major initiative to further improve the FASB’s current standard-setting process. Under the initiative, the Private Company Financial Reporting Committee (PCFRC) was formed in June 2006. The PCFRC represents all non-public business entities regardless of size. Its members focus on how standard-setting affects day-to-day technical activities and procedures from a cost/benefit perspective. The PCFRC sets its own agenda and makes specific technical recommendations for possible modifications for private companies on existing or developing FASB standards. The PCFRC consists of 12 members plus a chair. The 12 members comprise four users, four preparers, and four CPA practitioners. Sponsored by the FASB, the PCFRC receives additional administrative support from the American Institute of Certified Public Accountants.
The PCFRC's most recent meeting was held in New York on January 10 and 11, 2008. At that meeting, the PCFRC considered the impact of certain existing standards and preliminary FASB projects on the private company constituency. Specifics are available at www.pcfr.org.
The PCFRC meetings are open to the public. The next meeting is scheduled for April 24 and 25, 2008 in San Diego. Meeting agenda and related materials are posted to www.pcfr.org approximately 3 weeks before the meeting. If you would like to attend, please register with Sharon Macey (smacey@aicpa.org).
Additional Information
If you would like more information about the PCFRC, please email, call, or write:
Paul H. Glotzer, Project Manager
Financial Accounting Standards Board
401 Merritt 7
P.O. Box 5116
Norwalk, CT 06856-5116
Telephone: (203) 956-5212
FAX: (203) 849-9714
Email: phglotzer@fasb.org
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