Blue Ribbon Panel On Private Company Accounting Standards Formed

Blue Ribbon Panel On Private Company Accounting Standards Formed
Dec. 17, 2009
FEI Summary

On Dec. 17, 2009 the American Institute of Certified Public Accountants (AICPA), Financial Accounting Foundation (FAF) and the National Association of State Boards of Accountancy (NASBA) announced the joint sponsorship of a Blue Ribbon Panel on private company accounting standards. According to a joint press release issued by the three organizations, the Blue Ribbon Panel will: 

Provide recommendations on the future of standard setting for private companies, including whether separate, standalone accounting standards for private companies are needed. Members of the panel will represent a cross-section of financial reporting constituencies, including lenders, investors and owners as well as preparers, auditors, and regulators.

The chairman and members of the panel will be named in January. Read the joint press release for further details.

FEI's Committee on Private Companies-Standards
FEI's Committee on Private Companies - Standards (CPC-S) monitors developments relating to private company financial reporting, and responds to proposals issued by the Financial Accounting Standards Board and International Accounting Standards Board on behalf of FEI members from private companies. If you are an FEI member interested in joining CPC-S (or if you are not currently an FEI member but meet FEI's eligibility criteria and would be interested in joining FEI and CPC-S), please contact eorenstein@financialexecutives.org.

Prepared Dec. 17, 2009 by Edith Orenstein, director, Accounting Policy Analysis and Communications, Financial Executives International. This summary does not represent FEI opinion unless specifically noted above.