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The next step towards a new private company reporting regime in the United States

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07 Mar 2011

The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the formation of a Trustee Working Group to address the accounting standard setting for nonpublic entities.

The Working Group will conduct outreach to stakeholders in various ways, including roundtable meetings, surveys, and meetings with advisory and constituent groups and others.

In conjunction with obtaining input on the scope of the issues and concerns to be addressed, the Trustees also will seek input on suggested improvements, including the solutions recommended by the Blue-Ribbon Panel. The Blue-Ribbon Panel report, issued on 26 January 2011, calls for the creation of a new board that would focus on making exceptions and modifications to U.S. GAAP for private companies that better respond to the needs of the private company sector. The Panel did not recommend adopting the IFRS for SMEs at this time (see our earlier story).

Click for FAF press release (link to FAF website).

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