New York (March 10, 2004) -- In response to a deluge of inquiries regarding private company financial reporting in the wake of Sarbanes-Oxley, the American Institute of CPAs said it has appointed a special task force to study whether there are issues with private company financial reporting.

The Private Company Financial Reporting Task Force, comprised of 16 AICPA members and non-members, will spend the next several months trying to determine -- among other things -- if there is indeed an issue with traditional generally accepted accounting principals in financial statements, particularly among those who rely on the statements when making lending, investing or other business decisions. The task force would also enlist the help of a number of stakeholder organizations, including the American Bankers Association, Financial Executives International, the National Federation of Independent Business and state CPA societies.

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