AICPA president and CEO Barry Melancon is calling for the Financial Accounting Foundation to set up a separate standards board for private company accounting.
The Blue Ribbon Panel on Private Company Standard Setting will meet in the AICPAs offices in New York on Oct. 8 and we anticipate based on the preliminary conclusions during prior meetings it will vote to recommend a new model of financial reporting that will generate truly differentiated standards for private companies, Melancon said in a statement Monday. Crucial to the effective implementation of that recommendation is establishing a separate standard setting board under the Financial Accounting Foundation to provide a comprehensive solution to the problem of private company accounting. This has been a long time coming and I believe the case for a separate private company standards board under the oversight of the FAF is stronger than ever.
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