The committee is a joint effort by the Financial Accounting Standards Board and American Institute of Certified Public Accountants to improve the standard-setting process to better meet the needs of  privately held enterprises and the users of their financial statements.

In addition to the roadmap, key agenda items include a review of FIN 48, Accounting for Uncertainty in Income Taxes, and a review of FIN 46R, Consolidation of Variable Interest Entities. The meeting agenda and other related materials are posted at www.pcfr.org.

Separately, PCFRC announced two new appointments to the committee: James K. Smith, CFO of Phonon Corporation of Simsbury, Connecticut, and James Stevenson, CFO of ABS Capital Partners of Baltimore, Maryland.

"Smith, through his expertise as a preparer, and Stevenson, through his experience as a reviewer of private-company financial statements, will both contribute important perspectives to the work of the committee," said Judy O'Dell, committee chair.

Smith and Stevenson succeed Kathy Barry and H. Marco Kichler, who have completed their terms.