One of the most important issues facing our profession is private company financial reporting. After decades of debate about whether U.S. GAAP, in terms of both the standards and the process that leads to those standards, adequately considers the unique needs of private companies’ owners and financial statement users, we’re the closest we’ve ever been to changing the financial reporting system.
It may be a now or never scenario, though, and so your understanding of the issue and participation to help bring about this much-needed and long-overdue change is critical.
This 1-hour video Webcast will focus on the recent work of the Blue Ribbon Panel on Private Company Financial Reporting and the importance of enacting their two major recommendations: 1. Enhance the relevance of GAAP for private companies by making significant modifications, where warranted. 2. Create a new, separate standard-setting body for private company accounting standards reporting directly to the Financial Accounting Foundation.
The Webcast will be conducted by Barry Melancon, CPA, President and CEO of the AICPA, and Paul Stahlin, CPA, Chairman of the AICPA Board of Directors.
CPAs who work in private companies have been saying for a long, long time that these businesses have financial information needs that are much different from those of large public entities. Moreover, CPAs are aware that U.S. GAAP has become exceedingly complex and difficult to apply, especially for private companies. Too much of what is included in current financial statements is not useful to private company owners, lenders and investors.
It’s critically important that private company CPAs, small businesses and their financial statement users, especially bankers/lenders, sureties and insurers, and venture capitalists, take action now to help effect the historic change needed in financial reporting.
You must be logged in and own this session in order to