On Dec. 7, 2006, the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) announced that Judith H. O'Dell, CPA, has been named Chair of the new Private Company Financial Reporting Committee. The Committee is part of a broad initiative by the FASB and AICPA to "further improve the FASB's current standard-setting process so that the needs of private companies are considered."

The primary objectives of the Committee will be to provide recommendations to the FASB that will help the FASB determine whether and where there should be differences in prospective and existing accounting standards for private companies.

O'Dell said that she expects the Private Company Financial Reporting Committee to conduct its first meeting in the spring of 2007 with subsequent meetings open to constituents held quarterly.

Over the next several months, O'Dell will be seeking nominations for committee members.  

Further information about the FASB-AICPA’s joint initiative relating to private company financial reporting may be found at www.pcfr.org.

FEI Committee on Private Companies (CPC) Supported Formation of Advisory Committee

FEI’s Committee on Private Companies (CPC), in a comment letter sent to FASB August 2, supported the FASB and AICPA’s joint proposal to form an advisory committee for the FASB on private company matters.

"We appreciate both the financial commitment and staffing additions being provided by the FASB and AICPA in support of the users of private company financial reports," said Andy Thrower, Chair of FEI's CPC Standards Subcommittee, in the August 2nd comment letter.

Thrower continued, “FEI, and specifically the Standards Subcommittee of the Committee on Private Companies, look forward to working with the FASB and AICPA to assist in the success of this endeavor in any way that would be appropriate.”

Approximately half of FEI’s members are from private companies.

For further information about FEI’s Committee on Private Companies, contact Serena Dávila, (sdavila@FinancialExecutives.org) Director, Technical Activities, FEI.