FEI Committee On Private Co. Standards Releases Working Draft On Private Co. Accounting
May 4, 2010
FEI Summary

On May 4, 2010, FEI's Committee on Private Company-Standards (CPS-S) released a working draft of a white paper entitled, "A Model Conceptual Framework for Private Company Accounting Standards." The current chair of the CPC-S committee is Bill Koch, and the principal author of the paper is CPC-S past chair Andy Thrower.  

CPC-S Vice Chair Daryl Buck, a member of the Blue Ribbon Panel on Private Company Accounting, has forwarded a copy of the paper to the staff of the Blue Ribbon Panel, to share with the panel, and CPC-S is posting the document publicly so the concepts described in the working draft can be considered by the Blue Ribbon Panel and others with interest in private company accounting standard setting. 

Buck stated, "CPC-S greatly appreciates the work of the Blue Ribbon Panel on behalf of private companies, as we have stated in a recent letter to the chairmen of FAF [Financial Accounting Standards Foundation] and FASB [Financial Accounting Standards Board].  We are confident that our working draft document will provide useful input for the Blue Ribbon Panel's discussions, and we look forward to receiving the Blue Ribbon Panel's feedback." 

For details, read the CPC-S working draft: "A Model Conceptual Framework for Private Company Accounting Standards." Highlights are included in the Preface at the beginning of the document.

Prepared May 4, 2010 by Edith Orenstein, director of Accounting Policy Analysis and Communications, Financial Executives International. This summary does not reflect FEI opinion unless specifically noted above.