Topic _8 PPT - Click to edit Master subtitle style 4/23/11...

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Unformatted text preview: Click to edit Master subtitle style 4/23/11 Chen Liang Kevin Xu Wenjing Li Private Company Financial Reporting Committee 4/23/11 Agenda Old Debate -- Big GAAP vs. Small GAAP Private Company Financial Reporting Committees Objectives PCFRCs Contributions 4/23/11 Private Company vs. Public Company Ownership Size Revenue Disclosure 4/23/11 Big GAAP vs. Small GAAP Small GAAP : simplified accounting standards should be used by smaller, privately held companies Big GAAP : only one set of accounting standards should be used to prepare financial statement s for the use of external users 4/23/11 PCFRC Formed in June 2006 Sponsored by the FASB, receiving additional administrative support from the AICPA Represents all non-public business Focuses on how standard-setting affects day-to-day technical activities and procedures from a cost/benefit perspective 4/23/11 PCFRC First, serve as resources to FASBs standards-setting operations....
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Topic _8 PPT - Click to edit Master subtitle style 4/23/11...

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