More NewsAICPA and FAF Form ‘Blue-ribbon Panel’ to Address Standards for Private Companies

AICPA and FAF Form 'Blue-ribbon Panel' to Address Standards for Private Companies

The American Institute of Certified Public Accountants (AICPA) and the Financial Accounting Foundation (FAF) have established a ‘blue-ribbon panel’ to address how US accounting standards can best meet the needs of users of private company financial statements.

The panel will provide recommendations on the future of standard setting for private companies, including whether separate, standalone accounting standards for private companies are needed. Members of the panel will represent a cross-section of financial reporting constituencies, including lenders, investors and owners as well as preparers, auditors, and regulators. Joining the FAF and AICPA as sponsors of the panel is the National Association of State Boards of Accountancy (NASBA).

“The time has come for a new look at the policy issues of how US generally accepted accounting principles [GAAP] are established for private companies,” said AICPA chief executive officer (CEO) and president Barry Melancon. “The agreement between the AICPA and FAF to collaborate on this endeavour demonstrates our joint commitment to this issue. We are pleased that NASBA will be supporting this important effort.”

The chairman and members of the panel will be named in January.

Related Articles

Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

2m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

3m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

3m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

3m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

4m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

4m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

4m Tasja Botha
FX for corporates: 5 best practices for treasurers

Economy FX for corporates: 5 best practices for treasurers

4m Mateo Graziosi