As the SEC resurrects its focus on the roadmap to adopt International Financial Reporting Standards, the 30-plus year debate over a GAAP for private companies has progressed somewhat but remains on the back burner amidst legislative and standard-setters priorities for global convergence
Now is really the time to consider a separate GAAP, said Judith H. ODell, chair of the Private Company Financial Reporting Committee, a joint task force between the American Institute of CPAs and the Financial Accounting Standards Board. Its very hard to change a standard once its been issued, so thats why we have concentrated our efforts on projects in progress. The needs of public investors and analysts have always taken priority.
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