The American Institute of CPAs appears to be making progress on a Financial Reporting Framework for Small and Medium-sized Entities that it has been developing in the wake of the Financial Accounting Foundation’s decision to set up a Private Company Council, and plans to expose the framework by the end of the month.
The AICPA had fought to set up a separate standards board for privately held companies that would not be under the control of the Financial Accounting Standards Board. After a yearlong letter-writing campaign that it organized among CPAs to push for a separate board, the AICPA eventually agreed to support a modified version of the FAF’s original proposal (see New Private Company Standards Council Established and AICPA Says It Supports FAF’s New Private Company Council). The FAF decided that the new Private Company Council would be able to vote on and recommend changes in standards for private companies, but FASB would still have the final word on any changes.
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