The American Institute of Certified Public Accountants (AICPA) and the Financial Accounting Foundation (FAF) have established a ‘blue-ribbon panel’ to address how US accounting standards can best meet the needs of users of private company financial statements.
The panel will provide recommendations on the future of standard setting for private companies, including whether separate, standalone accounting standards for private companies are needed. Members of the panel will represent a cross-section of financial reporting constituencies, including lenders, investors and owners as well as preparers, auditors, and regulators. Joining the FAF and AICPA as sponsors of the panel is the National Association of State Boards of Accountancy (NASBA).
“The time has come for a new look at the policy issues of how US generally accepted accounting principles [GAAP] are established for private companies,” said AICPA chief executive officer (CEO) and president Barry Melancon. “The agreement between the AICPA and FAF to collaborate on this endeavour demonstrates our joint commitment to this issue. We are pleased that NASBA will be supporting this important effort.”
The chairman and members of the panel will be named in January.
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