FEI Comments to FASB On Financial Statement Presentation

Feb. 9, 2009

FEI Summary

On Feb. 9, 2009 FEI’s Committee on Corporate Reporting filed a comment letter with the Financial Accounting Standards Board on the Discussion Paper entitled, Preliminary Views on Financial Statement Presentation. The Discussion Paper was issued jointly by the FASB and the International Accounting Standards Board. The FEI CCR comment letter, filed with the FASB (with a copy sent to the IASB) stated: 

While we support the objectives underlying the proposal, there are several critical areas where we have significant concerns. We felt those concerns should be brought to the FASB and the IASB’s (the “Boards”) attention as early in the comment period as possible, so that the Boards will have the opportunity to consider alternative approaches as suggested below. We intend to file a second letter later in the comment period which responds to the complete listing of issues addressed in the proposal in further detail. Several of the Committees’ members are participants in the joint FASB/IASB field test program on the proposal and therefore, are in a unique position to comment on the views contained within the proposal.

As noted above, FEI intends to file a second letter prior to the April 14 comment deadline on the Discussion Paper. Read more in the FEI CCR comment letter.