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Private Company Financial Reporting

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Private Company Financial Reporting

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Presentation Transcript

  1. Private Company Financial Reporting Historic Changes to Benefit the Marketplace

  2. Background on Financial Reporting

  3. U.S. Not Alone Canadian Accounting Standards Board decided one size does not fit all and published Accounting Standards for Private Enterprises in Dec. 2009 UK Accounting Standards Board proposing three-tier system of financial reporting Germany has become first major country to have two standard setters Council on Accounting for Unlisted Companies formed in Japan to determine if changes should be made to standard-setting process for unlisted companies IFRS for SMEs – being used in many areas of the world and being considered in some others

  4. What U.S. Constituents Say about GAAP for Private Company Financial Reporting Too many GAAP-specific requirements not useful or relevant for private companies’ financial statement users Greater FASB emphasis on equity/public company investors Most important problem: relevance Increased complexity is burdensome, time-consuming Based on 2004 AICPA task force research among constituents with 3,709 responses

  5. In sum…

  6. U.S. Answer: Blue Ribbon Panel on Private Company Financial Reporting

  7. Panel’s Major Conclusions

  8. Reasons for Separate Board Not Subject to FASB Approval

  9. Other Key Recommendations

  10. Current Status of Initiative Now is the time to affect outcome

  11. How You Can Shape Your Future

  12. Online Letter Assistant for Customized or Original Letters

  13. Resources to Help aicpa.org/privateGAAP Backgrounder FAQ Videos Articles Press release template Send letter to FAF using online tool Gather support from others with education toolkit

  14. Time for Change…

  15. …It’s Decades in the Making

  16. Need More Information?