IN FOCUS FASB Private Company Decision-Making Framework

FASB Webcast and Webinar Series

IN FOCUS: The FASB Private Company Decision-Making Framework Project

Date: Thursday, October 18, 2012

Time: 1:30–2:45 p.m. Eastern Daylight Time

Program Description: The Financial Accounting Standards Board (FASB) is pleased to announce a webcast focused on its recent Invitation to Comment on a staff paper that outlines an approach for deciding whether and when to modify U.S. Generally Accepted Accounting Principles (GAAP) for private companies. The paper―Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies―contains initial FASB staff recommendations for criteria to determine whether and in what circumstances it is appropriate to adjust financial reporting requirements for private companies following U.S. GAAP.FASB staff panelists will discuss key areas where input is sought, including:
  1. Six significant factors identified by the staff that differentiate the financial reporting considerations of private companies;
  2. Five areas where financial accounting and reporting guidance might differ for private and public companies;
  3. Next steps, including plans for the FASB and the newly-formed Private Company Council (PCC) to jointly deliberate the feedback received before finalizing the framework.
Speakers: Susan M. Cosper, FASB technical director; Jeff Mechanick, FASB assistant director―nonpublic entities; Michael Cheng, FASB project manager; and Christine Klimek, FAF senior manager of communications.

Learning Objectives: At the end of this program, participants will understand the paper’s initial recommendations that reflect what stakeholders told the FASB staff about their experiences using, preparing, auditing, reviewing, and compiling private company financial statements. They will also obtain a general understanding of what feedback is needed from stakeholders, and how the FASB and the PCC will deliberate the input received prior to finalizing the framework.

Participants will have the opportunity to email questions to the panelists during the event.

Registration: To register for this event, please use this link.

Delivery Method: Group-internet based

Program Level: Overview

Program Prerequisites: None

Advanced Preparation Needed: None

Recommended CPE and Field of Study: 1.5 hours; final CPE earned will be determined based on the length of participation in the program, polling questions as described in CPE Eligibility, and completion of a course survey. Credit is provided only to participants in the live broadcast of this course. Please note that credit is not provided for group viewing. Each participant must be registered separately and meet both polling and duration requirements as per NASBA.

Refund/Cancellation Policy: There is no cost for this course and there is no cancellation penalty. Participants will be notified by email as soon as possible if the course is cancelled for any reason.

Complaint Policy: To register complaints about course content or delivery method and to inquire about the timeliness and accuracy of CPE credit posting for this event, contact

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