FASB Notice of Open Meetings for Sept. 29-30
Per its Notice of Open Meetings, the Financial Accounting Standards Board (“FASB”) will meet tomorrow with members of the American Institute of Certified Public Accountants’ Private Companies Practice Section Technical Issues Committee to review topics of mutual interest. The meeting is scheduled to begin at 10:00 a.m. ET. Cherry Bekaert’s Melisa Galasso will be in attendance for the meeting.
In addition, the FASB will meet Friday with its Private Company Council (“PCC”) to collect feedback regarding several projects on the board’s standard-setting agenda. Projects expected to be covered include improving the variable interest entities (“VIE”) guidance. Private companies consider VIE guidance a priority because it influences how they disclose entities they establish for business operations.
Another project to be discussed is simplifying the balance sheet classification of debt. The project has been criticized by the PCC, which recommended that the current U.S. GAAP requirements for categorizing long-term and short-term debt liabilities remain in place. Friday’s meeting will begin 8:00 a.m. ET.
Topics: AICPA Private Companies Practice Section Technical Issues Committee, debt classification, debt liabilities, Financial Accounting Standards Board "FASB", Private companies, Private Company Council "PCC", Variable Interest Entity "VIE"