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mechanism could be put in place to ensure useful communication between FASB and the

American small business community at large.

Large, public companies are accustomed to lobbying for or against changes with FASB. We

small companies are not. We often get caught up in changes that probably should be, at least in

my opinion, intended for public companies. I think this is exactly the case with FAS 150. Great

idea for the public companies, disastrous for us. Our small construction company perspective is

necessary to ensure they have evaluated all of the potential wrinkles in their standard.

One possible effort to consider is a biannual or annual meeting with FASB staff and

representatives of small businesses. Just as the IRS, the Small Business Administration, and

other entities have meetings just with small businesses, this would be an opportunity for all sides

to meet and talk. FASB would benefit from having small business representatives provide their

point of view, and at the same time, share drafts of upcoming new standards. In this way, both

small business and FASB are ‘on the hook’ and working together.

I know that AGC is moving forward with FASB on a new working relationship. The AGC Tax

and Fiscal Affairs committee will meet in January, and we are inviting a representative from

FASB to join us. We are going to work proactively and ensure we are staying abreast of new

draft standards. We also will continue to provide information on FAS 150 until this standard is

finalized. Our intention is to keep the lines of communication open and make sure our voice is

heard.

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