New US private company financial reporting committee

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07 Mar 2007

The US Financial Accounting Standards Board and the American Institute of Certified Public Accountants have jointly formed a Private Company Financial Reporting Committee (PCFRC).

The primary objective of the PCFRC will be to provide recommendations to the FASB that will help the Board determine whether and where there should be specific differences in prospective and existing accounting standards for private companies. Click for FASB Press Release  (PDF 18k). The IASB has recently published an Exposure Draft of a Proposed IFRS for SMEs.

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