United States "Blue Ribbon" Panel prefers 'GAAP with exceptions' for private companies
13 Oct 2010
The United States Financial Accounting Foundation (FAF) has issued a press release outlining the majority preferred view of the AICPA/FAF/NASBA "Blue Ribbon" Panel on reporting by private companies in the United States.
A majority of the panel believes there is a need for a new standard-setting model that follows Generally Accepted Accounting Practices (GAAP) with exceptions for private companies. In addition, the majority envisions a separate private company standards board under the oversight of the FAF. This outcome is consistent with our earlier stories and appears to confirm the IFRS for SMEs will not be adopted in the United States in the short term.
The Panel's recommendations are expected to be finalised at a meeting in December before a formal report is issued in January 2011, after which the FAF will consider the recommendations and likely call for further constituent comment.
Click for FAF press release (link to FAF website).
Our previous stories on the 'Blue Ribbon' Panel include:
- 5 October 2010 'AICPA calls for new standards board for private companies'
- 21 September 2010 'Call for United States not to overlook IFRS for SMEs'
- 14 September 2010 'Update on United States private company reporting'
- 6 August 2010 'Blue Ribbon Panel calls for submissions on US private company reporting'
