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Private Businesses And GAAP

FAF proposes new FASB committee to look at private company accounting.

By Staff Writer | Updated on November 01, 2011

The jostling about accounting standards for private companies continued last month as the Financial Accounting Foundation (FAF), the overseer of U.S. accounting standards-setters, proposed setting up a group to make recommendations on how to modify U.S. generally accepted accounting standards for private companies. Those recommendations would require approval from the Financial Accounting Standards Board (FASB).

The FAF proposal runs counter to the recommendations of the Blue Ribbon Panel on Standard-Setting for Private Companies, which earlier this year recommended establishing an autonomous board to set accounting standards for private companies, rather than having FASB oversee them.

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