Small Business Investment Companies; Accounting and Financial Reporting Standards

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. (202) 205-7559.

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]

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