A joint initiative by FASB AND AICPA is seeking feedback on proposed enhancements to the FASB's standard-setting procedures that would determine whether the Board should consider differences in accounting standards for private companies within Generally Accepted Accounting Principles.
Under the proposal, the FASB would implement certain improvements to enhance the transparency of its standard setting process for private companies and consider input from private company constituents. To help, FASB and the AICPA are sponsoring and funding a joint committee to serve as an additional resource to ensure the views of private company constituents are incorporated into the standard-setting process.
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