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. O’Dell, chair of the Private Company Financial Reporting Committee, a joint task force between the American Institute of CPAs and the Financial Accounting Standards Board. “It’s very hard to change a standard once it’s been issued, so that’s 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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