J. The GASAC consults with the Governmental
Accounting Standards Board (GASB ) on technical issues, project
priorities, and other matters likely to concern the GASB.

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The task force, sponsored
by the American Institute of Certified Public Accountants (AICPA), based its
conclusions on the inputs of more than 3,700 business owners, public
accounting practitioners, financial managers , lenders, investors, and
sureties.
Barry Melancon, AICPA President and CEO, commented, "We are happy to say
that the AICPA Board of Directors (subject to input from its Governing
Council ), the Financial Accounting Foundation (FAF) and Financial Accounting
Standards Board (FASB) have agreed to work further to collaboratively explore
an appropriate course of action to improve the usefulness of private company
reporting.S.

* The Spectrum of Leadership Responsibilities -- David Walker, U.org. He currently serves
as secretary/treasurer of the National Association of State
Comptrollers (NASC), from which he received the President's Award in
1999 and 2004, and is a past member of the Government Committee of the
American Institute of Certified Public Accountants . Johnson earned a bachelor's degree in business
administration-accounting from Boise State University and a Juris
Doctor from the University of Denver College of Law.

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The FASB has taken a number of steps in
recent years to increase the voice and participation of private company users,
preparers and auditors in FASB activities, and to codify and simplify the GAAP
literature.

* Keep Current on the SEC -- The Securities and Exchange Commission
(SEC) has new mandates and responsibilities for protecting investors
and maintaining the integrity of capital markets. Johnson has
been named as chairman of the FAF's Governmental Accounting Standards
Advisory Council (GASAC), for a two-year term, effective July 1.

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The task force began work in early 2004 in response to concerns expressed
by interested parties about the relevance, benefits, and related cost of
certain financial reporting requirements for privately held, for-profit
entities.imaconference.

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imanet. The GASAC members provide valuable input and advice to the
GASB, including constituent views regarding technical issues on the
GASB's agenda of projects and the prioritization of projects.

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"However, through our
discussions , focus groups, and research, we learned that constituents rated
certain GAAP requirements as providing relatively low relevance and decision
usefulness to constituents of private company financial reporting ," added
Castellano.
"Through insightful sessions and knowledge sharing, IMA's conference is a
critical forum that provides these professionals with the opportunity to
explore the value of building quality financial and governance practices
inside their organizations.

Financial Accounting Foundation Appoints Keith L. Johnson as Chairman of the Governmental Accounting Standards Advisory Council

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Johnson also has experience
as an internal municipal auditor and as an external auditor with large
CPA firms.

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Each phase of the research included participants from the key
constituents of private company financial reporting. Those standards govern the preparation of
financial reports and are officially recognized as authoritative by the
Securities and Exchange Commission and the American Institute of Certified
Public Accountants.

IMA Conference to Explore Strategic Solutions and Practices for a Changing Business Environment

fasb.

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AICPA Working With the FAF and FASB on Next Steps

NEW YORK, A task force comprised of key
constituents of private company financial reporting has unanimously
recommended that a process be established to evaluate potential changes to
Generally Accepted Accounting Principles (GAAP) in order to improve the
usefulness of private company financial reporting.

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Since 1973, the Financial Accounting Standards Board has been the
designated organization in the private sector for establishing standards of
financial accounting and reporting.

About The Institute of Management Accountants (IMA)
With a worldwide network of nearly 70,000 professionals, IMA is the
world's leading organization dedicated to empowering management accounting and
finance professionals to drive business performance. IMA provides a dynamic
forum for management accounting and financial professionals to develop and
advance their careers through certification, research, practice development
education, networking, and the advocacy of the highest ethical and
professional practices. Eckert whose term as GASAC chairman
concludes at the end of June.
Mr.

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cfm or
contact:
Allison Lunsford, 703-245-8087, alunsford@cmgresults .com

For more information, contact:
Tessa Lavender-Beck, 201-474-1513, tlavenderbeck@imanet .
Mr.

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For more
information on the organizations it oversees, visit the Foundation's
websites at www.

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We are very open to exploring ways to further enhance the overall
value of private company financial reporting.org. Mr. His
background and expertise combined with his past contributions as a
GASAC member will make him a superb chairman.

About the Financial Accounting Foundation

The Financial Accounting Foundation is responsible for overseeing,
funding and selecting the members of the FASB and the GASB.

administering authoritative

"
The research was conducted for the task force by The MSR Group , an
independent market research firm, and is believed to be the most extensive
ever conducted on this frequently discussed topic.aicpa. It sets ethical standards for the profession and
U. private auditing standards. IMA's 86th annual conference + exposition brings experts in management
accounting and financial management together in Boston

MONTVALE, N.
More than 1,000 of the foremost authorities in management accounting and
financial management are expected to gather in Boston to participate in this
70-session training ground that is focused on the specific information,
skills, and solutions needed to ensure responsible decision support, planning,
and control from within organizations.

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These private companies represent over 99 percent of the nation 's
incorporated businesses. In commenting on this study, James G.
The Financial Accounting Foundation is responsible for overseeing, funding
and selecting the members of the FASB and the GASB .gasb.----The Financial
Accounting Foundation (FAF) has announced that Keith L. Johnson currently is serving a four-year term as the elected
controller for the State of Idaho where he is responsible for
overseeing all fiscal concerns of the state. Previously, he served as
chief deputy state controller in Idaho and as the Oklahoma State
comptroller. Denham, chairman of the
Financial Accounting Foundation said, "The Foundation is very pleased
to be able to appoint Keith Johnson as chairman of GASAC.

witnesses irrespective

aicpa .htm)
The American Institute of Certified Public Accountants
(http://www.org) is the national , professional organization of CPAs,
with approximately 350,000 members, including CPAs in business and industry,
public practice, government, and education; student affiliates; and
international associates.
comptroller general, Government Accountability Office (GAO), the
nation 's chief accountability officer and head of the GAO, speaks
about the spectrum of leadership responsibilities based on his
extensive executive-level experience in both government and private
industry."
The complete conference agenda is available online at
http: //www.

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Robert Herz, Chairman of the FASB, noted "Private companies are a vital force
in the nation 's economy and it is therefore critical that their financial
reporting be conceptually sound, cost effective, and provide relevant,
reliable and useful information.org/members/div/acctstd/pvtco_fincl_reprt /index. Johnson, a certified public accountant, became a member of
GASAC in 2004 as the representative of the National Association of
State Auditors, Comptroller + Treasurers (NASACT).

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S. For more information about IMA, visit
http://www.com

accountability authoritative

We
wanted to understand if what many of us had been hearing was simply the
opinion of a vocal minority or the true expression of concerns by stakeholders
of private company financial reporting. The study included the use
of focus groups, a stratified random sample telephone survey and an open,
on-line poll.
A complete copy of the task force report can be found at:
(http://www. It also develops and grades the Uniform CPA
Examination. Donald Nicolaisen,
the SEC's chief accountant, will discuss how this will affect
businesses and how to learn more about new reporting requirements and
current projects and focus areas ., Microsoft
Corporation, Rivet Software, SAS, and webMethods.
For press registration visit http://www.
Commenting on the appointment, Robert E."
Mr.org

About the Governmental Accounting Standards Board

The GASB is the independent, not-for-profit organization formed in
1984 that establishes and improves financial accounting and reporting
standards for state and local governments .

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For more information on
the organizations it oversees, visit the Foundation's websites at
http: //www.org
Allison Lunsford, 703-245-8087, alunsford@cmgresults. He is a member of
other professional organizations including the Government Finance
Officers Association (GFOA). Its seven members are drawn
from the Board's diverse constituency, including preparers and
auditors of government financial statements, users of those statements
and members of the academic community.

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AICPA Task Force Recommends Exploring Changes to GAAP for Private Companies

"
The AICPA, FAF and FASB agree that any proposed changes that might result
from this effort would need to be fully exposed for public comment and debate.

Exhibitors include EDGAR Online, Inc.imaconference. He worked on the bankruptcy workout for Orange County,
California, and for the federal government relating to the liquidation
of failed savings and loan entities.org

About the Governmental Accounting Standards Advisory Council

The GASAC's twenty-nine members are appointed by the FAF primarily
based on nominations from GASB constituent groups and are broadly
representative of the preparers, attestors, and users of state and
local government financial information.

This category contains sites pertaining to the accounting profession.

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More information about the GASB
can be found at its website www.

administering manageable

Such standards are essential to the efficient functioning
of the economy because investors, creditors, auditors and others rely on
credible, transparent and comparable financial information., The Institute of Management
Accountants (IMA), the world's leading organization dedicated to empowering
management accounting and finance professionals to drive business performance,
will host its 86th Annual Conference + Exposition June 18 to 22 in Boston. The conference is designed to provide
all professionals in the accounting and finance industries, from new
professionals to senior-level executives, with educational and networking
opportunities, and the tools necessary to build value into their careers and
organizations from the inside.

Additionally, the exposition offers management accounting and financial
management professionals the opportunity to evaluate the latest products and
innovative services available to help drive business performance and add value
to organizations.

Business Editors /Financial Editors

NORWALK, Conn.
Johnson will replace Harvey C.gasb.

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"Overall, the survey respondents rated the value of GAAP financial
statements of private companies quite highly on consistency, providing
comparability among companies, and on their use as a tool in credit and
investment decisions," according to Castellano. Conference topics include:

* How Best Practice Organizations Achieve Breakthrough Performance with
Strategy Maps and the Balanced Scorecard -- Harvard Business School
Marvin Bower Professor of Leadership Development Robert Kaplan, PhD,
the founder of the Balanced Scorecard, identifies the principles and
specific practices used by leading organizations to implement strategy
and achieve performance breakthroughs in five areas: mobilizing
executive leadership for change; designing strategy maps that speak in
operational terms; aligning business units, shared services, and
boards of directors to the strategy; making strategy everyone's job;
and making strategy a continual process through integrated
communication processes.

Working press with proper credentials will be extended passes for the
conference.

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Castellano,
CPA, and former chair of the AICPA, who headed this task force, said, "This
group did not approach its research with a preconceived notion that issues or
problems with GAAP financial reporting for private companies existed."
The FAF and FASB neither endorse nor reject the task force's conclusions.org.
"IMA continues to strive to open the minds of corporate America to the
importance of the internal business-building role of management accounting and
financial management professionals," said Paul Sharman, IMA president and CEO.org/press. Mr. They meet three times a year
to consult with the Governmental Accounting Standards Board (GASB) on
technical issues on the Board's agenda, project priorities, accounting
issues likely to require the attention of the GASB, constituent
communications, and other matters as requested by the GASB or its
Chairman.

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