CPA Journal Online

COORDINATING COMMITTEE OF THE AICPA: A BRIEF SYNOPSIS

By Jerry Weygandt,
chair AICPA Financial Reporting Coordinating Committee

The Coordinating Committee's (CC) role is a fundamental one: to ensure that the recommendations of the AICPA's Special Committee on Financial Reporting (SCFR) receive a full and fair hearing.

The first meeting of the CC was held in the spring of 1995. This meeting refined the mission of the committee and also developed a game plan for its implementation. The essence of the game plan is to encourage standard-setters such as the FASB and SEC to give serious consideration to the SCFR recommendations. In addition, it is CC's intent to encourage forums for discussion and debate of the SCFR recommendations. It should be emphasized that CC takes a neutral position regarding the content of the recommendations.

To date, CC is pleased with the progress on examining the SCFR recommendations. Many of the recommendations made by the SCFR are currently on the agenda of the FASB and close to resolution. In addition, a FASB Invitation to Comment addressing issues related to the SCFR recommendations and the Association for Invest-
ment Management and Research "White Paper" will be
disseminated within the month. CC was involved in initial discussions related to the format of the FASB Invitation to Comment and subsequently, in adding written feedback to the proposed FASB Invitation to Comment. In addition, CC has met twice with the SEC; once explaining the recommendations of the SCFR and the second to discuss the possibility of developing a symposium at which issues related to the comprehensive reporting model recommendation will be discussed with standard- setters, users, preparers of both public and nonpublic entities, academics, and auditors. Hopefully, a symposium of this nature will be held this summer. The SEC is also considering two other symposiums; one dealing with the accounting and disclosure of certain intangible assets known as "soft costs" and another on technology. Both of these symposiums are consistent with the general recommendations of the SCFR. Also, the FASB is in the process of developing a roundtable to address their Invitation to Comment and CC will participate.

CC continues to discuss the SCFR recommendations with any group that might be affected in hopes of providing a better understanding of the implications of the recommendations. *

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