While lawmakers on Capitol Hill were embroiled in a heated filibuster debate, not far away, members of the ruling Council of the American Institute of CPAs passed a much less contentious vote, agreeing to support the development of standards for private and nonprofit entities.
At the institute's Spring Meeting of Council here, members overwhelmingly passed the motion supporting the development of generally accepted accounting principles for those entities, "based on concepts and accounting that are appropriate for the distinctly different needs of the constituents of private-company financial reporting."
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