FAF rejects independent private-company rule-making panel: Just “politics and turf?”
by John Sharbaugh
Texas Society of CPAs
A couple weeks ago, the Financial Accounting Foundation issued a proposal to create a new Private Company Standards Improvement Council responsible for determining whether exceptions to GAAP should be allowed for private companies in appropriate situations. Any recommendations from this new PCSIC would have to be ratified by FASB before they would become effective.
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