The Private Company Financial Reporting Committee held a meeting to discuss whether International Financial Reporting Standards should apply to private companies in the U.S., along with other matters.
Judy O’Dell, chair of the PCFRC, which is sponsored by the Financial Accounting Standards Board, with administrative support from the American Institute of CPAs, said the committee did not come to any definite decision on the matter. They discussed a recent webcast that the International Accounting Standards Board gave on its private entities project and where it stands. A document on the IASB project is scheduled for release in the first quarter of 2009. Once that document is issued, it could be used as a model for financial reporting by private companies in the U.S. as standards here converge with those abroad, or the AICPA may decide instead to stick with U.S. generally accepted accounting principles for private companies.
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