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October 10, 2010

US to create new private company standards

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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