January 24, 2006

At the last annual meeting of the National Association of State Boards of Accountancy (NASBA), a panel discussed the subject of who should be the standard setter for private company generally accepted accounting principles. One of the panelists was Edward Trott, a member of the Financial Accounting Standards Board (FASB). The panel was scheduled in the meeting’s agenda because of the significance of this topic to NASBA, the US state boards of accountancy and the general public. Since it is the state boards of accountancy that are charged with insuring the technical competence of their licensees, it is appropriate that the boards speak out for clarity in the standards those licensees must follow. NASBA’s Professional and Regulatory Response Committee (the Committee), having listened to the debate and read various opinions on this subject, offers the following comments in the document below.

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