The PCFRC is in the process of preparing its comment letter to the FASB about the FASB’s Discussion Paper on Financial Statement Presentation.  This proposed project would significantly alter the format and structure of the basic financial statements and as such it is a project which should command the attention of anyone who uses, prepares, audits, reviews, or compiles GAAP financial statements.

The PCFRC would like your feedback on this important project.  Can you please send us your comments by emailing them to the following address:  rdurak@aicpa.org?

Please click on the material below related to the Financial Statement Presentation Discussion Paper.

• Quick summary of Discussion Paper
  
  
• Longer summary of Discussion Paper
  
  
• Sample financial statements – current U.S. GAAP version
  
  
• Sample financial statements – proposed new model
  
  

Download the Full Discussion Paper "Preliminary Views on Financial Statement Presentation".

We know that your time is limited and valuable.  The attached materials are designed to help you understand the project in a time-saving way.  You can read the project summary and then take a look at the sample financial statements to see how the statements would change under the proposals.  Then, please send us your feedback (to rdurak@aicpa.org), from your perspective based on your involvement with private company GAAP financial statements.  

Thank you for your attention to this matter during this busy time of year.