FASB AND PCC TO HOST PRIVATE COMPANY TOWN HALL AT THE UNIVERSITY OF WASHINGTON
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.
Norwalk, CT, January 21, 2014—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.
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.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.