On July 22, FEI President and CEO Marie N. Hollein sent a comment letter to Financial Accounting Standards Board Chairman Robert H. Herz. Hollein noted: "FEI strongly supports the ongoing work of the Blue Ribbon Panel on Standard Setting for Private Companies ... and we are keenly interested in the recommendations that will be included in its final report."

Hollein added, "It is possible that the final, enacted recommendations of the blue ribbon panel may render some of FASB's upcoming pronouncements (or certain portions of the upcoming pronouncements) inapplicable to private companies. Absent any other action, this could result in a scenario where private companies would implement certain new accounting standrds and subsequently reverse the effects of such implementation as a result of the blue ribbon panel's recommendations. FEI believes such a situation would create unnecessary confusion among constituents, particularly those users who for decision-making purposes need consistency in private company financial statements.

"Therefore, FEI recommends that FASB defer for a minimum of three years the effective dates of all new accounting standards issued through 2012 (or beyond 2012, if the final convergence standards under the Memorandum of Understanding are issued beyond 2012) that are applicable to private companies ... therby providing clarity to private companies as to the ultimate applicability to them of the new standards to be issued by FASB and avoiding the potential for wasted effort and confusion."

Read the comment letter for further details.