October 21, 2011A new private company plan was released October 4, 2011 for public comment by the Board of Trustees of the Financial Accounting Foundation (FAF). The centerpiece of the plan is a new council with the authority to identify, propose and vote on specific improvements to U.S. accounting standards for private companies. The FAF is the independent, private-sector organization responsible for the oversight and administration of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB set U.S. accounting standards for public and private companies, not-for-profit organizations and state and local governments. NASBA Board of Directors’ Resolution on the Financial Accounting Foundation’s Position on Private Company Standards At its meeting on Friday, October 21, 2011, the Board of Directors of the National Association of State Boards of Accountancy, Inc., authorized the President and Chair to communicate the following to the Financial Accounting Foundation (FAF):
See NASBA Board of Directors’ Resolution |