Scottsdale, Ariz. (May 28, 2004) - The American Institute of CPAs is forging ahead to determine if current GAAP meets the needs of users of private-company financial statements, readying a member-based Web survey and preparing a resource "toolkit" to help state societies conduct town hall-like presentations on the subject, the head of a task force to study differential standards said at the AICPA Spring Council meeting, here.

“The complexity of this issue is evident,” Jim Castellano, who is leading the 16-member task force and serves as chairman of St. Louis-based Rubin Brown & Gornstein, told WebCPA. “This is actually a 30-year-old issue, but each time it was studied it was done with the idea that there was a problem.”

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