The American Institute of Certified Public
Accountants (AICPA) is expected to recommend a new financial
reporting model be developed for private companies when the Blue
Ribbon Panel on Private Company Standard Setting meets on 8
October.
With much of the Financial Accounting
Standards Board (FASB) work devoted to the needs of public
companies and their auditors, work on private company accounting
standards has been largely undertaken by groups like the Private
Company Financial Reporting Committee, a joint committee of the
AICPA and FASB.
IFRS for SMEs is available to private
companies but not widely used in the US as IFRS has yet to be
approved by the Securities and Exchange Commission.
AICPA president Barry Melancon said the
effective implementation of a new model of financial reporting
relied on establishing a separate standards board under the
Financial Accounting Foundation.
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