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
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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned