Standard Setting for Nonpublic Entities
The Board of Trustees of the Financial Accounting Foundation recently announced the formation of a Trustee Working Group to address the important topic of accounting standard setting for nonpublic entities. As a first step in the process to look at one component of this issue, the FAF created the Blue-Ribbon Panel on Standard Setting for Private Companies, sponsored jointly with the American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA). The Panel concluded its work in January 2011 (see more information below). The establishment of the Working Group is the next phase of the FAF’s review of the adequacy and effectiveness of the Financial Accounting Standards Board’s (FASB) efforts in setting standards for the private company and non-profit sectors in the United States.
The Working Group is conducting outreach to stakeholders in various ways, including roundtable meetings, surveys, and meetings with advisory and constituent groups and others. In conjunction with obtaining input on the scope of the issues and concerns to be addressed, the Trustees also will seek input on suggested improvements, including the solutions recommended by the Blue-Ribbon Panel.
News from FAF
Standard Setting for Nonpublic Entities—A Mid-Year Update on the FAF’s Strategic Review Activities (Posted 07/07/11)
Financial Accounting Foundation Outlines Plans to Address Standard Setting for Nonpublic Entities (Posted 03/04/11)
Blue-Ribbon Panel News
Blue-Ribbon Panel Addressing Standards for Private Companies Submits Report of Recommendations to Financial Accounting Foundation (Posted 01/26/11)
The American Institute of Certified Public Accountants and the Financial Accounting Foundation form "Blue-Ribbon Panel" to Address Standards for Private Companies