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NO. 1310-100 ? JUNE 8, 2006 Financial Accounting Series INVITATION TO COMMENT Enhancing the Financial Accounting and Reporting Standard-Setting Process for Private Companies A Joint & 8230; & 8230; Proposal by the Financial Accounting Standards Board and the American Institute of Certified Public Accountants Comments are requested by August 15, 2006 . Financial Accounting Standards Board of the Financial Accounting Foundation ii INVITATION TO COMMENT Enhancing the Financial Accounting and Reporting Standard-Setting Process for & 8230;

The FASB and the AICPA welcome comments from all interested parties, especially those involved in financial accounting and reporting activities of for-profit private entities (private companies). Included are owners, preparers, CPA practitioners, and those that receive private company financial reports, including lenders, investors, and bonding agencies. The section titled & 8220;Modifications to the Standard-Setting Process to Improve Private Company Financial Reporting& 8221; (paragraphs 16-29) contains the joint proposal for enhancing the accounting standard-setting process. Paragraphs 1-15 provide important background information that may help in understanding and responding to this proposal. When commenting on aspects of the proposal, regardless of whether you agree or disagree, please include the reasons for your comments and alternatives that could be considered. The following are some specific questions for your consideration. However, please feel free to comment on any aspect of the proposal. 1. Do you believe the proposal contained in paragraphs 16?29 will improve the accounting standard-setting process for private companies? 2. Specific to paragraphs 16?29 do you believe that the proposed changes will help ensure that the financial reporting needs of constituents of private companies are met? 3. The FASB and the AICPA believe that any differences in generally accepted accounting principles (GAAP) for private companies should be based on financial statement user needs and cost-benefit considerations. Do you agree? 4. The FASB and the AICPA believe that members of the committee (except the chair) should not be compensated beyond a reasonable reimbursement of expenses. Do you agree? 5. The FASB and the AICPA believe the committee should set its own agenda and priorities. Do you agree?

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