Blue Ribbon Panel On Private Co. Accounting Standards Prefers New Approach, New Board

Following up on our earlier post on the Blue Ribbon Panel on Standard Setting for Private Companies, a group formed by the Financial Accounting Foundation, the AICPA, and the National Association of State Boards of Accountancy (NASBA) to advise the FAF on a standard-setting model and corallary issues related to standard-setting for private companies, BRP members were called upon at their October 8 meeting to voice their preference on this matter, and a majority indicated a preference for a new standard-setting model for private company generally accepted accounting principles, with the assistance of a separate private company standards board housed under the FAF. (The FAF currently oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board.)

Read the FAF's press release issued following the BRP meeting, and see additional highlights in this FEI Summary by Lorraine Malonza, senior manager, Accounting Policy and Financial Research, and Ronald Wei, manager, Finance and Accounting Research, Financial Executives International, who were in attendance among the observers at the BRP meeting.

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