On September 19, 2012, The Financial Accounting Foundation (FAF) announced appointment of new members for their newly created Private Company Council. IMA's Small Business Financial and Regulatory Affairs Committee (SBFRC) and Financial Reporting Committee (FRC) played an integral role with providing feedback to the FAF about the development and composition of the council. Letters submitted by the SBFRC and FRC to the FAF about the Private Company Council can be found on IMA's website.
The SBFRC plans to provide feedback to the FAF about the Council's first project that it is monitoring; a Private Company Decision - Making Framework. The comment letter period is open until October 31. The letter will be posted on IMA's website when issued.