A total of 33 state CPA societies representing over 275,000 CPAs have written letters so far to the Financial Accounting Foundation or passed resolutions urging the FAF to create a new accounting standard-setting board for privately held companies, according to the American Institute of CPAs.
A trustee working group at the FAF has been studying the recommendations in a Blue-Ribbon Panel report on standard-setting for private companies and is expected to release its proposals for changes in the standard-setting process and structure in the next few weeks (see Terri Polley on Private Standards, IFRS, and Changes at FASB and GASB and FAF Group Plans Changes in Accounting Standard-Setting).
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