'Blue Ribbon' Panel calls for submissions on US private company reporting

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06 Aug 2010

The United States AICPA/FAF/NASBA "Blue-Ribbon" Panel on Standard Setting for Private Companies (the Panel) is seeking input on the preparation of private company financial statements in the United States. The Panel is discussing how accounting standards can best meet the needs of US users of private company financial statements with the objective of making recommendations thereon to the FAF Board of Trustees.

The Panel is seeking comment on many matters, including:

  • How US-GAAP financial statements for private companies are currently used and the relevance of information contained in those financial statements
  • Issues with the application of US-GAAP in private company financial statements
  • The impact of any future SEC requirement for public companies to adopt IFRS on private company financial reporting.

Submissions close on 15 September 2010.

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