This press release was derived from the Financial Accounting Foundation website. To view the release in its entirety, please click here.
The AICPA/FAF/NASBA “Blue-Ribbon Panel” on Standard Setting for Private Companies held its fourth meeting on October 8, 2010. A majority of the blue-ribbon panel expressed the need for a new standard-setting model that follows U.S. GAAP with exceptions for private companies. In addition, the majority of the panel endorsed a separate private company standards board under the oversight of the Financial Accounting Foundation (FAF).
The panel will discuss a draft report containing the recommendations at its next meeting on Friday, December 10, 2010, at the FAF offices in Norwalk, CT. The panel is expected to issue the report to the FAF Board of Trustees in January 2011, and then to the public. After deliberation, the FAF Trustees’ resulting action plan is expected to be subject to further input from constituents, including exposing the plan for public comment prior to its implementation.
The panel was formed in 2009 by the American Institute of Certified Public Accountants (AICPA), the FAF, and the National Association of State Boards of Accountancy (NASBA). The members of the panel comprise a cross-section of financial reporting constituencies, including lenders, investors, and owners as well as preparers, auditors, and regulators.
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