[IMGCAP(1)]For all of those private companies frustrated with being forced to spend $25,000 on a valuation of intangible property or goodwill, or to spend hours drafting disclosures that users may not read, and be burdened with a myriad of other financial reporting responsibilities of public companies, there may be some relief on the way.

Set aside all you’ve heard about U.S. companies converging with international standards for a minute. Public-private accounting standard setting is a different issue and one that has been debated for decades. The Financial Accounting Foundation, the parent organization of accounting’s ruling body, the Financial Accounting Standards Board, is considering adopting a Blue-Ribbon Panel report that recommends a new standard-setting board to establish exceptions and modifications to U.S. GAAP for private companies.

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