PracticeAuditBetter standards for US private companies

Better standards for US private companies

Regulator and accounting body work together

US regulator, the Financial Accounting Standards Board (FASB) and the
American Institute of CPAs (AICPA) are working together to develop different
accounting standards for private companies within generally accepted accounting
principles (GAAP).

The two bodies have issued a proposal aimed at improving the financial
reporting process and are asking for feedback by 15 August.

Under the proposal, FASB would implement certain improvements to enhance the
transparency of its standard-setting process for private companies and consider
input from private company constituents, WebCPA reported.

In addition, FASB and the AICPA would sponsor and fund an 11-member committee
to serve as a resource to the FASB and ensure the views of private company
constituents are incorporated into the standard-setting process.

The AICPA has already begun recruiting a dedicated staff member to assist the
committee with its work.

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