CPC subcommittee meets with FASB.FEI's Committee on Private Companies (CPC (1) (Central Processing Complex) An IBM mainframe that has two or more central processors (CPs) that share memory. It is the collection of processors, memory and I/O subsystems manufactured with a single serial number, typically all contained in one cabinet. ) Standards Subcommittee sub·com·mit·tee n. A subordinate committee composed of members appointed from a main committee. subcommittee Noun met with Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). (FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). ) member Tom Linsmeier and Chairman Robert Herz on March 29 in Stamford, Conn., to present private company perspectives. This was the first of ongoing formal communications the subcommittee plans to have with FASB. The subcommittee addressed the fundamental financial reporting needs of private companies and general characteristics of private companies, and presented the results of the survey it recently conducted of FEI FEI Fédération Équestre Internationale. private company members. The survey gathered valuable financial reporting data for FASB to review. The meeting was successful for both FASB and the Standards Subcommittee in terms of understanding each side's perspectives. FASB members noted that the accounting board is paying more attention to private companies. The Standards Subcommittee will also be monitoring the work of the recently formed FASB/AICPA Financial Reporting Committee, which will have its first meeting on May 10-11 in Chicago. Daryl Buck, a Standards Subcommittee member, is a member of the Private Company Financial Reporting Committee. |
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