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Committee on Private Companies (CPC): staff liaison: Serena Davila.

The Private Companies Standards Subcommittee was planning to meet with the FASB FASB

See: Financial Accounting Standards Board


See Financial Accounting Standards Board (FASB).
 on March 29 to present private company perspectives to the board. The subcommittee recently conducted a survey of all private company members in order to better represent its interests at this meeting. The subcommittee plans to discuss the fundamental financial reporting needs of private companies, as well as their general characteristics and the various different types of private companies.

* The Standards Subcommittee is reviewing the IASB's Exposure Draft on an International Financial Reporting Standards International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB).

Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS).
 for Small and Medium-sized Entities (IFRS IFRS International Financial Reporting Standard(s)
IFRS Inter Frame Relay Service
IFRS Indiana Facilities Registry System
 for SMEs). It plans to compose a comment letter on the issue. Comment letters are due Oct. 1.

* The Policy Subcommittee will have its next Washington, D.C. "fly-in" visit to Capitol Hill on April 23-25. The issues the subcommittee plans to raise with legislators include S Corp reform and the IC-DISC issue.

The main issue for Sub Chapter S reform is the interest charge-domestic international sales corporate (IC-DISC) issue. The IC-DISC was created in 1984 to allow the deferral of tax on IC-DISC income. If enacted, Section 7 of H.R. 6264 and S. 4026, the Tax Technical Corrections technical correction

A temporary downturn in the price of a stock or in the market itself following a period of extensive price increases. A technical correction takes place in a generally increasing market when there is no particular reason that the
 Act of 2006, would significantly increase taxes on small and closely held A phrase used to describe the ownership, management, and operation of a corporation by a small group of people.

In a closely held corporation, the same people often act as shareholders, directors, and officers, and no outside investors exist.
 U.S. manufacturing exports.

A third issue the policy subcommittee plans to discuss with legislators and their staffs is healthcare cost containment cost containment,
n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan.
 and, more specifically, small business health plans.
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Publication:Financial Executive
Date:Apr 1, 2007
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