AICPA disappointed about FAF decision not to create an independent standard setter for private companies
07 Oct 2011
As reported earlier, the Financial Accounting Foundation's Board of Trustees has discarded the Blue-Ribbon Panel's recommendation to create of a new, independent board, to be overseen by the FAF, that would focus on making exceptions and modifications to U.S. GAAP for private companies.
"We are profoundly disappointed that the Financial Accounting Foundation (FAF) is not proposing to create a new independent board to set differences in U.S. GAAP standards, where appropriate, for privately held companies. This was the cornerstone of the Blue Ribbon Panel on Standard Setting for Private Companies' report. [...] Unfortunately, FAF's proposal has failed to accept the views of the many voices of the private company constituency asking for a separate board. We don't think the concerns of smaller private companies can be fully appreciated until there is an independent board dedicated and focused solely on the needs of private companies." |
Please click for the full text of the statement on the AICPA website.