United States 'Blue Ribbon Panel' develops plans for private company standard-setting board

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13 Dec 2010

At a meeting held on 10 December 2010, the 'Blue Ribbon Panel' addressing how United States accounting standards can best meet the needs of users of private company financial statements has continued its discussion of a potential new standard-setting board for private companies, reaffirming a consensus view reached in October that a separate private company standards board under the oversight of the Financial Accounting Foundation (FAF) be created.

The panel also addressed related issues such as how the new board would work with the Financial Accounting Standards Board (FASB) throughout the standard-setting process, what would be the new board's mission and structure, and how it would be potentially funded. The panel also began preparation of a draft report containing its recommendations, and is expected to issue the report to the FAF Board of Trustees in early 2011 and then to the public.

Click for press release (link to FAF website).

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