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1. Calling for a Separate Board
At the very start of 2011, the Blue Ribbon Panel on Standard-Setting for Private Companies officially recommended that the Financial Accounting Foundation establish a separate board to handle accounting for non-public entities. The panel, which was created in 2009 by the FAF, the AICPA and NASBA, and chaired by Moss Adams chief Rick Anderson (pictured), thus raised hopes that the age-old "Big GAAP-Little GAAP" controversy might be near its end.
2. A Board Too Far
After studying the Blue Ribbon Panel's report and consulting with its many constituencies, the FAF decided in October against proposing an independent board, opting instead to suggest a council that could identify, propose and vote on possible improvements to GAAP for private companies, but still require ratification by FASB. One of the reasons for that, according to FAF president Teresa Polley (pictured), was specifically to avoid the creation of a separate "Little GAAP."