Heads Up: Blue-Ribbon Panel Reports on Private-Company Accounting Standards
Volume 18, Issue 2
This Heads Up discusses the Blue-Ribbon Panel’s recently issued report to the Financial Accounting Foundation, the FASB’s parent organization. The report contains recommendations on how "accounting standards can best meet the needs of users of U.S. private company financial statements." The major recommendations include (1) the creation of a new private-company standards board that would focus on "making exceptions and modifications to U.S. GAAP" for private companies and (2) the creation of a differential accounting framework that would allow the FASB to make appropriate and justifiable exceptions and modifications.
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