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August 5, 2010

US panel seeks input on private entity reporting

A US ‘blue ribbon’ panel that is investigating private company financial reporting is seeking written input from stakeholders.

The American Institute of Certified Public Accountants, Financial Accounting Foundation and National Association of the State Boards of Accountancy announced plans to form the blue ribbon panel in December last year.

It is investigating how accounting standards can best meet the needs of users of private company financial statements.

The panel is asking those interested in the project to provide information about issues or concerns regarding current US GAAP as it applies to private company financial statements.

The panel is also seeking suggestions about short-term or long-term actions that could address these concerns.

The deadline for responses is 15 September.


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