X hits on this document

21 views

0 shares

0 downloads

0 comments

6 / 8

tell our stories and listened well. They did not promise an outcome but did thank us for our

input. We could have asked for nothing more. My mindset walking out of that meeting was

completely unexpected to me. Rather than a brick wall, I found an intelligent, thoughtful room

interested in hearing about my nonpublic company and how FASB standards affected me and my

industry.

I believe FASB heard us. Last week FASB issued a change and indefinitely suspended the

portion of the standard that would have forced companies like ours, who have mandatory

redemption clauses with an uncertain date and value of redemption, to book it. In summary,

there is no change to my financial statement. But, the other shoe has yet to drop because it is

FASB’s apparent intention to address this issue again in the future. The uncertainty of not

knowing what will happen, if anything, will undoubtedly continue to cause heartburn for lots of

folks currently contemplating buy-sell agreements.

I intend to remain available to FASB if I can be of further assistance. Having been through this

process now, I know I will find the doors of FASB wide open to the concerns of my company

and to small businesses in general as they move forward. It appears to me that FASB board

members and staff are incredibly interested in how their standard will affect all the users of the

financial statement, and willing to hear from everyone.

So, FASB’s process worked, but it is unfortunate that it came down to the eleventh hour. The

small business community is certainly partly to blame for our late involvement in this issue.

However, I believe that this experience can be instructive for others. A better, more public,

Document info
Document views21
Page views21
Page last viewedFri Dec 09 00:03:28 UTC 2016
Pages8
Paragraphs141
Words2042

Comments