Approximately 7,700 CPAs, lenders, investors, other financial statement users, private companies, small business owners and other stakeholders sent comment letters to the Financial Accounting Foundation in response to its proposal for changing private company financial reporting (comment letters were due Jan. 14). The vast majority of comment letters (about 7,600) urged FAF to accept the Blue Ribbon Panel on Standard Setting for Private Companies' recommendation that an independent, authoritative standard-setting board be set up to modify U.S. GAAP, where warranted, for private companies. FAF held roundtable discussions through March 1 to gain further input from stakeholders. According to a FASB webcast on March 12, FAF may issue a decision following its May 22-23 meeting of its Board of Trustees.
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In this AICPA Insights blog post, AICPA President and CEO Barry Melancon, CPA, discusses why FAF's proposed council would not bring true, lasting change.
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Four roundtables were held Jan. 18 through March 1 in select cities. Keep informed on FAF's project.
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Explain the effort to enhance the relevance and reduce the complexity of private company financial statements.
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