New accounting model for private companies gets closer to reality.
The AICPA has issued this statement by President and CEO Barry Melancon on the upcoming Oct. 8 meeting of the Blue Ribbon Panel on Private Company Standard Setting:
The Blue Ribbon Panel on Private Company Standard Setting will meet in the AICPA’s offices in New York on Oct. 8 and we anticipate based on the preliminary conclusions during prior meetings it will vote to recommend a new model of financial reporting that will generate truly differentiated standards for private companies. Crucial to the effective implementation of that recommendation is establishing a separate standard setting board under the Financial Accounting Foundation to provide a comprehensive solution to the problem of private company accounting. This has been a long time coming and I believe the case for a separate private company standards board under the oversight of the FAF is stronger than ever.
Background at FASB here.