Committee on Private Companies (CPC).

Committee on Private Companies (CPC)

Staff Liaison: Serena Davila

* Policy Subcommittee: On April 23-25, members of the Policy Subcommittee of FEI's Committee on Private Companies (CPC) participated in the second annual Capitol Hill "fly-in." Members of the subcommittee lobbied eight senators and representatives and their staffs on four top issues.

The members of Congress included: Rep. Judy Biggert (R-Ill.), Sen. Saxby Chambliss (R-Ga.), Sen. John Cornyn (R-Texas), Rep. Joe Courtney (D-Conn.), Sen. Ben Nelson (D-Neb.), Sen. Mark Pryor (D-Ark.), Rep. Jim Ramstad (R-Minn.) and Rep. Peter Roskam (R-Ill.).

The four issues the subcommittee discussed with legislators included: reform of the individual alternative minimum tax, immigration laws for companies, the Interest Charge Domestic International Sales Corporation (IC-DISC issue) and the Employee Free Choice Act of 2007 (a union issue).

* Standards Subcommittee: On March 29, the Standards Subcommittee met in Stamford, Conn., with Financial Accounting Standards Board (FASB) Chairman Bob Herz and Board Member Tom Linsmeier, to present private company perspectives on financial reporting.

The subcommittee addressed the fundamental financial reporting needs of private companies, general characteristics of private companies and the various different characteristics of private companies.

Also, the Standards Subcommittee submitted a comment letter to FASB on April 30, on Proposed FSP FAS 154-a--Considering the Effects of Prior-Year Misstatements When Quantifying Misstatements in Current-Year Financial Statements.

Finally, Daryl Buck is the representative on FASB's newly formed Private Company Financial Reporting Committee, chaired by Judy O'Dell, and was to attend the committee meetings in Chicago on May 10-11. The committee's goal is to further improve FASB's current standard-setting process to consider the needs of private companies and the constituents of their financial reporting.