FEI Committee On Private Cos Comments On FASB Disclosure Proposal
Jan. 20, 2009
FEI Summary

On Jan. 20, 2009 FEI's Committee on Private Companies (CPC) Standards Subcommittee filed a comment letter on Financial Accounting Standards Board Proposed Staff Position (FSP) No. 107-a, Disclosures about Certain Financial Assets: An Amendment of FASB Statement No. 107.

The FEI CPC letter, concurring with the postion taken in the comment letter filed by the American Institute of Certified Public Accountant's Private Company Practice Section (PCPS) Technical Issues Committee (TIC), requests that private companies be exempted from the proposal.

FEI's letter also cites the comment letter filed by the FASB-AICPA Private Company Financial Reporting Committee, which like PCPS TIC, questions the usefulness of the proposed disclosures and notes the burden the disclosures would impose on private companies. FEI CPC further asked FASB that if it does not exempt private companies from the proposal, to offer a deferred effective date. Read the full FEI CPC letter for details.