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Financial Executives International Panel Discussion on the Future of Private Company Financial Reporting Standards

Submitted by: Andy Thrower on Oct 14, 2009 at 4:34 pm Tagged with: CFO Source: Financial Executives International

The Southern Carolinas Chapter of Financial Executives International (FEI) will present a panel discussion on the direction of financial reporting standards for private companies. The panel will be moderated by Greenville resident Andy Thrower who is a CFO Consultant in the Upstate, a member of the FASB’s Small Business Advisory Committee and a past member of the Financial Accounting Standards Advisory Council, the senior advisory group to the Financial Accounting Standards Board (FASB). Panel members are active participants in the accounting standard setting process, interacting directly with FASB Board members. Panel members include Judy O’Dell, chair person of the FASB’s Private Company Financial Reporting Committee (PCFRC), Paul Glotzer, Project Manager at the FASB in Norwalk, Connecticut, and Daryl Buck who is a member of the PCFRC and FEI’s Committee on Private Companies. In addition, attending the meeting as guests are Teresa Polley, president of the Financial Accounting Foundation, the independent private-sector organization with the responsibility for the oversight and administration of the FASB, and Dan Noll, Director of Accounting Standards of the American Institute of Certified Public Accountants. Topics that the panel will cover include:
- An inside look at how the FASB really works and the dispelling of a lot of myths.
- The very latest on convergence plans between the FASB and the IASB.
- A newly released set of international accounting standards designed for use by small and medium-sized companies and now officially sanctioned for use in the U.S. by the AICPA
- Other possible systems of financial reporting standards that private and small public companies may migrate to when convergence happens.
- What private company constituents are doing now to work with the FASB in influencing the development of accounting standards, including the work of such groups as the FASB’s Private Company Financial Reporting Committee , the FASB’s Small Business Advisory Committee, and FEI’s own Committee on Private Companies (CPC).
The panel discussion will be held Thursday, October 22, beginning at 6:00 pm, with networking beginning at 5:00 pm, at the Westin Hotel in Charlotte. A reception will be held afterwards for the participants and guests. The Southern Carolinas Chapter of FEI includes the South Carolina Upstate and the Charlotte area. Information about FEI is available at its web site: www.financialexecutives.org. Information regarding the work of the PCFRC can be found on its web site: www.pcfrc.org.