FEI Committee on Private Co. Standards Sends Comments To FAF

FEI Committee on Private Co. Standards Sends Comments To FAF
April 15, 2011

FEI Summary

On April 15, 2011 FEI’s Committee on Private Company – Standards (CPC-S) sent a comment letter to the Financial Accounting Foundation, which oversees the Financial Accounting Standards Board.

The CPC-S letter, signed by CPC-S Chairman George Beckwith, notes:

"We appreciate the efforts FAF has taken to raise the awareness of private company issues. We also recognize and appreciate the attention to private company issues by the FASB. We believe the increased awareness will be a significant step in improving the process of providing high quality standards for both public and private company users. We believe the efforts of the Blue Ribbon Panel on Private Company Accounting Standards (“BRP”) helped us understand the complex issues facing private company users and preparers in a predominately public company world, and we compliment them on their dedication to the effort.

Our committee would like to comment on the work done by the BRP and offer alternative views and structures that may fulfill their objective as well as suggest other enhancements we feel may improve the process of standard setting in the attached letter."

Read the CPC-S letter.