The Financial Accounting Standards Board’s Private Company Financial Reporting Committee has been active for barely a year, but it has already changed the way accounting standards are set.And 2008 may well be the group’s breakout year, according to committee chairperson Judith O’Dell.

The committee, which has administrative support from the American Institute of CPAs, was formed in response to years of complaints that accounting standards were being written by and for large public companies. The consequent reporting standards, many said, were crushing smaller private companies with accounting requirements that were unnecessary and irrelevant.

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