31-01-2011Blue-Ribbon Panel proposes major enhancements in accounting standards | ||
The Blue-Ribbon Panel (AICPA, FAF, NASBA and FASB) on Standard Setting for Private Companies Was created to address how accounting standards can best meet the needs of users of U.S. private company financial statements. In January 2011 the report was issued. The Panel has concluded that there are urgent and growing systemic issues that need to be addressed in the current system of U.S. accounting standard setting. The Panel members believe that the system has not done a sufficient job of
These issues have caused a lack of relevance of a number of accounting standards for many users of private company financial statements and an overall level of complexity in U.S. GAAP that continues to concern preparers of private company financial statements and their CPA practitioners. |
31-01-2011