The Blue-Ribbon Panel on Private Company Financial Reporting
FASB’s parent organization, the Financial Accounting Foundation (FAF), is considering a report recommending a new standard-setting board to establish exceptions and modifications to U.S. GAAP for private companies.
This discussion follows the culmination of a year’s worth of work by a blue-ribbon panel, formed in December 2009 as part of a joint effort by the AICPA, FAF and the National Association of State Boards of Accountancy, to examine private company financial reporting.
Here is an archive of JofA news and feature articles about the blue-ribbon panel for private company financial reporting and its recommendations, plus additional resources available from the AICPA and the FAF.
FEATURE ARTICLES
FAF Rejects Independent Standard Setter for Private Companies
November 2011
The AICPA has expressed profound disappointment with a Financial Accounting Foundation (FAF) proposal on private company accounting standard setting and is urging CPAs and others to weigh in on the debate.
Standards Overseer to Consider Proposal for Private Company Financial Reporting
February 2011
The Financial Accounting Foundation, FASB’s parent organization, is expected to consider a report this month recommending a new standard-setting board that would establish exceptions and modifications to U.S. GAAP for private companies. This article details some of the suggestions and includes a Q&A with the chairman of the blue-ribbon panel that drafted the plan.
Panel Poised to Recommend Separate Board, U.S. GAAP Exceptions for Private Companies
December 2010
The blue-ribbon panel on private company financial reporting is poised to recommend that the Financial Accounting Foundation (FAF), FASB’s parent organization, move to U.S. GAAP with exceptions for private companies and that those standards should be set not by FASB but by a separate board under FAF’s oversight.
Blue-Ribbon Panel Narrows Field for Private Company Financial Reporting
September 2010
A blue-ribbon panel tasked with providing recommendations on the future of U.S. accounting standards for private companies by the end of this year is focusing on models that are based on current U.S. GAAP but that would result in different standards for private companies, where warranted, compared with GAAP for public companies.
Minding the GAAP
March 2010
Moss Adams CEO Rick Anderson discusses his new role as head of a blue-ribbon panel on private company financial reporting.
NEWS
AICPA Turns Up Volume on Call for Independent Board
Oct. 18, 2011
The AICPA governing Council approved a resolution to voice its strong objections to a Financial Accounting Foundation (FAF) proposal released Oct. 4 that rejected a blue-ribbon panel’s recommendation for a separate board to set private company GAAP.
FAF Proposal Falls Short of Independent Board for Private Company Standards
Oct. 4, 2011
The Financial Accounting Foundation, FASB’s parent organization, issued a proposal that would create a Private Company Standards Improvement Council (PCSIC) to determine whether exceptions or modifications to U.S. GAAP are required to address the needs of users of private company financial statements.
Working Group To Develop Action Plan on Private Company Reporting
March 4, 2011
The Financial Accounting Foundation (FAF) announced that a working group will take up the recommendations of the blue ribbon panel on standard setting for private companies. The group intends to issue an action plan in six to eight months on whether or how to devise separate financial reporting standards for private companies.
Panel Moves Forward With Recommendations for a Separate Private Company Financial Reporting Board
Dec. 10, 2010
A more detailed outline of what would be a blue-ribbon panel recommendation for a new private company accounting standard-setting board began to take shape. The new standard-setting board could have between five and seven members with private company financial reporting experience, an estimated $4 million annual budget and face a sunset provision of five years or less to evaluate the overall process, under a draft plan.
Expediency at Heart of Panel’s Recommendations on Private Company Reporting
Oct. 18, 2010
Asked why the panel on private company financial reporting appears to be favoring a separate standards board making modifications to existing U.S. GAAP (as compared to writing new standards) several members of the panel pointed to a simple factor – time.
Panel Majority Signals Support for Separate Board, U.S. GAAP Exceptions for Private Companies
Oct. 8, 2010
The blue ribbon panel on private company financial reporting is heading down a path to recommend that the Financial Accounting Foundation, FASB’s parent organization, accept U.S. GAAP with exceptions for private companies and that those standards should be set not by FASB but by a separate board under FAF’s oversight.
FASB Seeks Input on Private Company Accounting Issues at Public Meetings
Sept. 13, 2010
FASB will hold two public round-table meetings to discuss issues related to private company financial reporting.
Panel Posts Questions on Private Company Financial Reporting for Public Comment
Aug. 5, 2010
A blue-ribbon panel tasked with providing recommendations on the future of U.S. accounting standards for private companies by the end of this year is seeking public feedback on a series of questions that will assist the panel in discussing how accounting standards can best meet the needs of U.S. users of private company financial statements and making recommendations thereon.
Blue-Ribbon Panel Narrows Field for Private Company Financial Reporting
July 20, 2010
A blue-ribbon panel weighed in on seven alternative models for private company financial reporting at its meeting, eliminating models that were based on IFRS and a model that effectively would have maintained the status quo.
Panel Expresses “Broad-Based Concerns” for Private Company Financial Reporting
May 14, 2010
There are legitimate, broad-based concerns about whether current U.S. GAAP and the underlying standard-setting process are meeting the needs of private companies, and it is time to start exploring alternatives that have surfaced in other countries, the chairman of a blue ribbon panel told panel members.
Panel Meets to Discuss Private Company Financial Reporting
April 12, 2010
Members of a blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies met for the first time to discuss their views on the topic, which has been debated for decades.
Private Company Financial Reporting Panelists Named
Feb. 28, 2010
The AICPA, the Financial Accounting Foundation (FAF) and the National Association of State Boards of Accountancy (NASBA) on Friday announced the members of the new blue-ribbon panel on U.S. accounting standards for private companies.
Moss Adams CEO to Head Blue-Ribbon Panel on Private Company Financial Reporting
Jan. 11, 2010
Rick Anderson, CEO of Moss Adams LLP, on Monday was named chairman of the blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies.
Panel to Address Accounting Standards for Private Companies
Dec. 17, 2009
A new panel is poised to take on the issue of whether separate accounting standards are needed for private companies.
VIDEO / AUDIO
Judith O’Dell: Separate Standards for Private Companies
July 2010
The JofA interviewed Judy O’Dell, chairperson of FASB’s Private Company Financial Reporting Committee about how separate standards could help both preparers and users of private company financial reports. O’Dell is a participating observer on a blue-ribbon panel on standard setting for private companies.
ADDITIONAL RESOURCES
- The AICPA’s “Private GAAP” website, which includes videos of Institute and profession leaders explaining the blue-ribbon panel’s recommendations and potential benefits
- The Financial Accounting Foundation’s website on standard setting for private companies
- A list of panel members and participating observers
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