FASB Launches Public Roundtables for Input on Private Company Accounting
The Financial Accounting Standards Board (FASB) will again host two public roundtable meetings this fall to discuss issues relating to existing private company accounting and reporting standards.
“The board’s purpose in holding these public roundtables is to engage in a constructive dialogue about private company accounting and reporting issues on existing GAAP with a wide variety of stakeholders, including private companies, their CPA practitioners, and users of private company financial statements,” said FASB Chairman Leslie Seidman. “The board and staff found that the two roundtables we held last fall were valuable forums for hearing first hand from private company constituents about their concerns with existing GAAP. Those roundtables provided the impetus for our efforts to develop a differential reporting framework for private companies and our project to simplify goodwill impairment assessments.”
Topics to be discussed at this year’s roundtables are expected to include, but will not be limited to, accounting and disclosure requirements relating to variable interest entities, interest rate swaps, and level 3 fair value measurements.
The roundtables will be held in October in Chicago and San Francisco. The FASB is seeking private company stakeholders to participate in this roundtable.