Proposes Separate Standards Board and GAAP with Exceptions
Norwalk, CT, (December 10, 2010) — The blue-ribbon panel addressing how U.S. accounting standards can best meet the needs of users of private company financial statements continued its discussion today of a potential new standard-setting board for private companies, reaffirming a consensus view reached in October that a separate private company standards board under the oversight of the Financial Accounting Foundation (FAF) be created. The panel also continued discussion of a new standard-setting model that follows generally accepted accounting principles (GAAP) with exceptions for private companies.
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