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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 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 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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Publication:Financial Executive
Date:Apr 1, 2007
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