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Private Company Committee Hears from FASB on Convergence Status

The PCFRC, which is a joint committee of FASB and the American Institute of CPAs, received an update on Monday and Tuesday from FASB board members about the status of various standards, according to PCFRC chair Judy O’Dell. Board member Larry Smith attended the meeting, and the committee was also briefed by FASB staff members on particular projects in which they were involved. As part of FASB’s increased efforts to reach out to private companies and forestall the establishment of a separate board for private company standard setting, at least one board member will be present from now on at all PCFRC meetings.

The PCFRC heard Monday about the status of the consolidations project, with one of the FASB staff members calling into the committee meeting about that effort. At the meeting, they also talked about FASB’s investment properties accounting standards project, as well another project on an employer’s participation in a multi-employer plan.

“We think the solution they’ve come up with will work well in the private company sector,” said O’Dell.

There was also a brief discussion of an Emerging Issues Task Force project on Accounting for Deconsolidation of a Subsidiary That Is In-Substance Real Estate. At greater length, the committee heard about FASB’s top priority projects on financial instruments, revenue recognition and leases.

“We got a status update on those projects,” said O’Dell. “On the revenue recognition project, there are some proposed disclosure differences for private companies,” said O’Dell. “We talked about those and we’re pretty pleased about how that’s shaking out. On the leases project, we talked about related-party lease issues, which is our big issue. Also, month-to-month leases and leases that are unwritten are very common in the private company world and are due to come up in either the next meeting or the meeting afterwards, and we gave the staff our input there.”

O’Dell noted that a white paper will be coming out shortly for public comment on how private company users work with financial statements. At the meeting the committee also heard about the feedback FASB received during a private company webcast on June 17, and how well a new electronic submission form for comments on the goodwill project worked. FASB informed the PCFRC that approximately 21 of the roughly 89 comment letters it received on the goodwill project came from the new electronic feedback form, which is designed to streamline the comment process.

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