Special AICPA News Update Vol. 14 No. 44 

    AICPA Council Votes Overwhelmingly to Send a Strong Message to FAF: Adopt the Blue Ribbon Panel Recommendations for an Independent Board 
    Published October 18, 2011

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    AICPA News Update

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    October 18, 2011 - Volume 14 No. 44

    AICPA Council Votes Overwhelmingly to Send a Strong Message to FAF: Adopt the Blue Ribbon Panel Recommendations for an Independent Board
       
    Send FAF a comment letter (deadline is January 14, 2012) today and express your support for an independent board with standard-setting authority for private companies. 

    The AICPA governing Council today overwhelmingly approved a resolution that sends a strong message to the Financial Accounting Foundation: Adopt the Blue Ribbon Panel on Standard Setting for Private Companies’ recommendations for an independent standard-setting board – which is the AICPA’s preference – or the Institute will consider other options. If FAF continues to pursue its current proposal, the AICPA Board of Directors will look at other solutions for addressing the needs of private companies. This could include creating a separate standard setting body to develop private company generally accepted accounting principles (PCGAAP) or a comprehensive private company-specific basis of accounting that would deliver meaningful, lasting improvement to private company financial reporting consistent with the Blue Ribbon Panel’s recommendations. Members are urged to send a comment letter to FAF in support of the panel’s recommendations by using this quick and simple AICPA tool.

    FAF’s proposal falls significantly short of what’s needed to improve financial reporting for private companies because it would require the decisions of FAF’s planned council to be ratified by the Financial Accounting Standards Board (FASB). That model served as the process for the Private Company Financial Reporting Committee, which has not seen its major recommendations accepted by the FASB during its five years of operation. Read AICPA President and CEO Barry C. Melancon’s blog post for more information and visit aicpa.org/privateGAAP for additional details and background. 

     




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