The Financial Accounting Foundation’s (FAF)
blue-ribbon panel confirmed it would like to see new US accounting
standards for private company financial statements.

The new standard-setting model would follow
GAAP with some exceptions for private companies, and require the
formation of a private company standards board that is supervised
by the FAF.

The panel, comprising of the American
Institute of Certified Public Accountants, the FAF and the National
Association of State Boards of Accountancy, will discuss a draft
report on the proposal in December.

Last week, it was revealed the American
Institute of Certified Public Accountants was in favour of new
standards for private companies.

Related article

AICPA to recommend new private company standards

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