The Private Company Financial Reporting Committee
A New Voice in FASB’s Process

By Kennard S. Brackney and R. David Mautz, Jr.

This article examines the PCFRC, its purpose, process,
progress to date, and potential for success. A brief review of the
findings of major studies on private company reporting provides some background. The Sarbanes-Oxley Act of 2002 and the Private Company Financial Reporting (PCFR) Task Force Report (2005) are considered key factors leading to the creation of the PCFRC. Significant developments occurring outside the United States, many of which are proceeding at an even faster pace, are considered.

The article also discusses the initial progress of the PCFRC
and identifies issues likely to affect its ability to achieve its objectives.

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Essentials
Publisher's Column
Perspectives

New Preparer Penalties

Tax practitioners have been guided and influenced in the preparation of income tax returns by various statutory, regulatory, and administrative provisions, as well as by professional rules. Such provisions and rules can be found in the Internal Revenue Code (IRC), Treasury Department Regulations, IRS administrative guidance, Treasury Department Circular 230, and the AICPA’s Statements on Standards for Tax Services. Full Story

‘If I Only Had a CFF’

 In the film The Wizard of Oz, the Lion was seeking courage, the Scarecrow was seeking a brain, and the Tin Man was seeking a heart. In all three cases, they thought they lacked something essential. However, each of them inherently had these qualities from the very beginning— they just didn’t believe it. Recognizing that they needed external validation of what they possessed, the Wizard rewarded them with outward symbols: a diploma, a medal, and a testimonial .Full Story

The Right to Practice Without the Right to Vote

The practice of accounting enjoys a remarkable heritage and continues to serve a vital role in society. Through the years, many dedicated professionals have advanced this prestigious profession. Because accounting is the language of business, the nation’s economy depends heavily on accountants’ work. Full Story

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