Committee on Private Companies (CPC): staff liaison: Serena Davila.
* The Standards Subcommittee is reviewing the IASB's Exposure Draft on an International Financial Reporting Standards for Small and Medium-sized Entities (IFRS 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 Act of 2006, would significantly increase taxes on small and closely held U.S. manufacturing exports.
A third issue the policy subcommittee plans to discuss with legislators and their staffs is healthcare cost containment and, more specifically, small business health plans.
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|Title Annotation:||FEI TECHNICAL COMMITTEES|
|Date:||Apr 1, 2007|
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