95-8475. Small Business Investment Companies; Accounting and Financial Reporting Standards

[Federal Register Volume 60, Number 66 (Thursday, April 6, 1995)]
[Rules and Regulations]
[Page 17438]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-8475]



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SMALL BUSINESS ADMINISTRATION

13 CFR Part 107


Small Business Investment Companies; Accounting and Financial 
Reporting Standards

AGENCY: Small Business Administration.

ACTION: Interim final rule; reopening of comment period.

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SUMMARY: On February 7, 1995, the Small Business Administration (SBA) 
published an interim final rule which updated the standards for 
accounting and financial reporting by Small Business Investment 
Companies (SBICs), as well as the guidelines for independent public 
accountants performing audits of SBIC financial statements. The interim 
final rule established a final date for comments to be submitted to SBA 
of March 9, 1995. SBA is reopening that comment period until April 30, 
1995.

DATES: Written comments must be received on or before April 30, 1995.

ADDRESSES: Written comments should be sent to Robert D. Stillman, 
Associate Administrator for Investment, Small Business Administration, 
Suite 6300, 409 3rd Street SW., 6th floor, Washington, DC 20416.

FOR FURTHER INFORMATION CONTACT: Carol Fendler, Office of Program 
Support; telephone no. [phone].

SUPPLEMENTARY INFORMATION: SBA published an interim final rule on 
February 7, 1995 (60 FR 7392) which updated and reorganized the 
accounting standards for the SBIC program. The purpose of the revisions 
was to reflect recent changes in the SBIC program mandated by the Small 
Business Investment Act of 1958, as amended, as well as changes in 
generally accepted accounting principles.
    The publication of the interim final rule took place at a time when 
many SBICs were in the midst of preparing their audited year end 
financial statements. Thus, a number of SBICs and their independent 
public accountants may not have had sufficient time to review the rule 
and to prepare and submit comments to SBA. Therefore, the comment 
period is hereby reopened and SBA will accept comments on the interim 
final rule until April 30, 1995.

    Dated: March 31, 1995.
Philip Lader,
Administrator.
[FR Doc. 95-8475 Filed 4-5-95; 8:45 am]
BILLING CODE 8025-01-M