SESSION OUTLINE
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A typical format used is a formal outline (Roman numerals, letters and indentations), but not
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Outlines can be written in two ways (see examples below):
o
Topic Outline, which are brief bullets
o Sentence Outlines, which provide more details of your topic.
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support.
Private Company Financial Reporting Update
Judith H O’Dell CPA CVA
NCACPA Annual Symposium, November 15, 2010
The following presentation reflects my own opinions and not those of the Financial Accounting Standards
Board
Overview
Forces affecting private company accounting
IFRS for Small and Medium-sized Entities
PCFRC Efforts
FASB Projects worth watching
Blue Ribbon Panel on Private Company Accounting
Forces Affecting Private Company Accounting
Changes in size of FASB Board
FASB emphasis on public co investor needs and financial crisis
FASB/IASB Convergence Projects- PCFRC early involvement to make sure private co issues are considered
Increasing acceptance by users of reports with GAAP exceptions
More Forces
Efforts in other countries for separate private company accounting
SEC Roadmap for IFRS adoption
AICPA recognition of IFRS as GAAP
IASB issuance of IFRS for Small and Medium Sized Entities (SME)
What is IFRS for SMEs?
An IFRS expressly designed to meet the financial reporting needs of entities that (a) do not have public
accountability and (b) publish general purpose financial statements for external users.
Users include owners who are not involved in managing the business, existing and potential creditors,
and credit rating agencies.
An entity has public accountability if it files its financial statements with a securities commission or holds
assets in a fiduciary capacity
Why was it Issued?
IFRS designed to meet needs of equity investors in public capital markets
Users of private entity financial statements more focused on assessing short term cash flows, liquidity
and solvency
Many preparers say the full IFRS imposes burden
In most jurisdictions there is a statutory obligation to prepare financial statements in accordance with
GAAP
Shortcomings to separate GAAP in each jurisdiction
BRP Next Steps
• Staff to draft recommendations
• Recommendations to be discussed and voted upon at December meeting
• Recommendations to go to FAF trustees for their February meeting
How Can You Participate?
Become a member of our Resource Group- sign up on website and receive notification of meetings and
meeting summaries- www.pcfr.org
Resource Group will be tapped for special task forces and input on projects
Attend meetings and speak during open mike session
Email chair with ideas and opinions
Questions?
www.pcfr.org
www.fasb.org for info on BRP
[email protected]
Title of Session
Speaker Name
Contact Information
Objective: State Objective
I. Miscellaneous Updates
A. New Compilation/Review Standards (SSARS 19)
B. FIN 48 Return Schedule Initiatives
C. Subsequent Events disclosure
II. The Urge to Converge
A. IFRS – Friend or Foe?
B. Timelines for Implementation
C. IFRS for SME’s
D. The Proposals You Actually Care About
III. Accounting for Leases Proposal
A. Capital vs. Operating vs. Right of Use
B. Lessee & Lessor Impact
IV. Revenue Recognition Proposal
A. US vs. IFRS vs. Proposal
B. The 5 Step Process
C. Long Term Contracts and Warranties
V. Financial Statement Presentation
A. Will the Balance Sheet Balance?
B. What’ll Happen to the Indirect Method?
VI. Getting SAS-sy
A. SAS Clarity Project
B. SAS 118 – 120