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While we appreciated the delay, FAS 150 still needed to be permanently amended for nonpublic

companies. During the AGC Midyear Convention in Washington DC in September, contractors

began to educate Members of Congress about this issue. The Tax and Fiscal Affairs Committee

met at the same time, and decided to request a personal meeting with FASB in Norwalk. FASB

responded and began the process of putting a meeting together. Schedules being what they are,

the meeting was set for October 30, 2003.

Walking into this meeting, I was unwilling to accept any other outcome other than a complete

change by FASB regarding 150. There is absolutely no way I would have followed through with

this standard – and I told FASB this. I was frustrated that this standard was in place, which

seemed like such an obvious mistake to me, and I believed this was my best, and possibly only,

chance to make myself heard. I could not let this standard be enacted. At the same time, as a

contingency effort, AGC continued educating Congress about the devastating impact of this


After much thoughtful preparation, on October 30, two AGC representatives and I met for three

hours with two Board members and five staff members of FASB. These people are, in my

opinion, the best and the brightest people in the country in the accounting profession. I found

them engaging and concerned with the way FAS 150 would affect my company, Cold Spring,

and the rest of the industry. The seven FASB representatives asked direct and penetrating

questions- honestly, it made the CPA exam seem easy in comparison. They gave us a chance to

4 Pre-qualification: In order to bid on public projects, contractors are required to submit information to the agency. The agency evaluates the contractor’s financial ability to complete the contract.

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