One of contemporary accounting's most persistent issues has taken a turn toward resolution as the American Institute of CPAs and the Financial Accounting Standards Board agreed to consider creating some kind of generally accepted accounting principles for privately held, for-profit companies.

"We've now got the support for the AICPA's governing Council behind this notion of a dedicated, focused effort on GAAP standard-setting for constituents of private-company financial reporting," said AICPA director of accounting standards Daniel Noll. "They believe that the time has come for this dedicated focus."

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