A trio of state accounting boards have objected to the 'jointness' of a joint project from the Financial Accounting Standards Board and the American Institute of CPAs to form a committee to look at the financial accounting and reporting standard-setting process for private companies.
The groups -- the National Association of State Boards of Accountancy, the Colorado State Board of Accountancy and the New York State Board for Public Accountancy -- chiefly objected to the AICPA's involvement in forming the committee, not the project itself. Generally, the groups said the committee needed to bring an air of independence to the project, something that FASB alone was better suited to providing.
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