Private company accounting standards are dominating the news cycle these days, thanks to a new report from the aptly named Blue-Ribbon Panel on Standard Setting for Private Companies.
The panel's report calls for the creation of a new board that would build the blueprint for private company standards. “However,” writes CFO.com's Alix Stuart, “it stops short of asking for a radical departure from current norms.”
Tom Hood says most of the CPAs he's spoken with support the concept of separate standards for private companies. The rest of the profession will have an opportunity to chime in during a comment period later this spring.
In the meantime, the folks at the AICPA have released a slew of resources that might help you better understand the issue. There's some fantastic stuff here; check it out when you get a chance. (And thanks to the AICPA's Cynthia Lund for the links.)