The US SEC's Advisory Committee on Improvements to Financial Reporting ACIFR has published its final report of recommendations to increase the usefulness of financial information to investors, while reducing the complexity of the financial reporting system to investors, preparers, and auditors. Examples of some of the proposals relating to the design of accounting standards and the process for setting standards include:. These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points.

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The Financial Accounting Foundation has issued its final report on establishing the new Private Company Council PCC that will determine whether exceptions or modifications to existing US GAAP are necessary to address the needs of users of private company financial statements. The final report spells out the details on the new council. The final report published yesterday gives all the details concerning the role and the responsibilities of the new PCC the summary below is based on extracts from the final report.

Please click for access to the full report on the FASB website. These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line. The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected.

Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox. IAS plus. Login or Register Deloitte User? Welcome My account Logout. Search site. Toggle navigation. Navigation News. Authority and Critical Responsibilities - The PCC will have two principal responsibilities: 1 determine whether exceptions or modifications to existing non-governmental U.

Generally Accepted Accounting Principles U. The PCC Chair will not be affiliated with the FASB and will have had substantial experience with and exposure to private companies during the course of his or her career. Members will be appointed for a three-year term and may be reappointed for an additional term of two years. Meetings - During its first three years of operation, the PCC will hold at least five meetings each year, with additional meetings if determined necessary by the PCC Chair.

The meetings of the PCC will be open to the public. Based on agreed-upon decision-making criteria, the PCC will conduct a review of existing U.

GAAP and identify standards that it will consider for possible exceptions or modifications. Proposed modifications or exceptions to U. Recommendations of the PCC will be considered by the FASB in its deliberations, and the FASB will be responsible for documenting, in the basis for conclusions of its proposed and final Accounting Standards Updates, how it separately considered the needs of private companies and the recommendations from the PCC. The Review Committee will hold both the PCC and the FASB accountable for achieving the objective of ensuring adequate consideration of private company issues in the standard-setting process.

Related Topics. Heads Up — SEC issues final rule to improve disclosures for business acquisitions and dispositions 02 Jun Technology Spotlight — Scoping considerations when accounting for software and software-related costs June 02 Jun See Legal for more information. DTTL also referred to as "Deloitte Global" and each of its member firms are legally separate and independent entities.

DTTL does not provide services to clients. Please see www. Correction list for hyphenation These words serve as exceptions.


Financial Crisis Advisory Group (FCAG)




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