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FASB joint project with American Institute of Certified Public Accountants (AICPA)

Tuesday, March 6, 2007

The FASB and the AICPA has issued a joint proposal intended to improve the financial reporting process for private company constituents. The organizations have issued an invitation to comment to encourage constituents to give feedback on proposed enhancements to the FASB's standard-setting procedures that would determine whether the FASB should consider differences in accounting standards for private companies within Generally Accepted Accounting Principles. The comment period ends on August 15, 2006. See copy of the Private Company Financial Reporting Proposal at www.pcfr.org.

During December 2006, an announcement was made that Judith O’Dell, President of O’Dell Valuation Consulting, LLC, CPAs, will serve as Chairperson of a Private Companies Financial Reporting Committee that will support the FASB/AICPA’s joint project for private companies. A news release was issued on March 6, 2007 announcing the membership of the committee. The committee is comprised of four CPA practitioners, four financial statement preparers, and four users of private company financial statements. A copy of the news release about membership of the private company financial reporting committee can be found on the FASB’s website at www.fasb.org.