The AICPA and FASB are working together to evaluate potential changes to generally accepted accounting principles (GAAP) for privately-held, for-profit companies. This in response to concerns expressed by some interested parties about the relevance, benefits and related costs of certain financial reporting requirements for privately held, for-profit entities. Users of private company financial reports argue their needs are significantly different from those of users of public company financial reporting. The AICPA’s Private Company Financial Reporting Task Force made a unanimous recommendation that a process be established to improve the usefulness of private company financial reporting. The Task Force based its recommendation on input from more than 3,700 lenders, investors, sureties, business owners, financial managers and public accounting practitioners. Learn more about the Private Company Financial Reporting Task Force.