FAF to Hold Private Company Board Roundtables, Webcast

The Financial Accounting Foundation (FAF) has announced that it is planning a series of roundtables and a webcast in order to educate people on its new proposal to establish a board that will focus on issues pertaining to private companies within the structure of the Financial Accounting Standards Board (FASB).

The proposal would create a new Private Company Standards Improvement Council that would be responsible for for identifying, proposing, and deliberating and formally voting upon specific exemptions or modifications to U.S. Generally Accepted Accounting Principles (U.S. GAAP) for private companies, with changes that are approved by two-thirds majority then forwarded to the FASB for ultimate ratification.

The free, live webcast is scheduled for 1:30 to 2:30 p.m. Friday, Nov. 18, and will offer one hour of CPE credit. Participants will hear about the plan from John J. Brennan, chairman of the FAF Board of Trustees, and Terri Polley, president and CEO of the FAF, as well as have the opportunity to submit questions to them; registration is required. The roundtables will allow stakeholders to directly discuss the proposal with FAF and FASB leadership and are scheduled for Jan. 18, 2012 in Atlanta; Jan. 26, in Dallas; and Feb. 7 in Palo Alto, Calif.; there is an application process to attend.