Private Company Accounting

A&A

A move toward separate accounting standards for private companies begins

For all those private companies frustrated with being forced to spend $25,000 on a valuation of intangible property or goodwill, or spending hours drafting disclosures that users may not read, or being burdened with a myriad of other financial reporting responsibilities, there may be some relief on the way.
A&A

MACPA embraces XBRL in case study for private companies and nonprofits

Historically, the conversation about XBRL has centered on public companies, thanks to its promise of delivering timely, accurate, and transparent financial information to investors. That conversation is beginning to shift.
A&A

AICPA, CIMA joint venture would promote global management accounting designation

The AICPA and the London-based Chartered Institute of Management Accountants (CIMA) are proposing the formation of a joint venture to develop and promote a new global management accounting designation.
A&A

Standard setting for private companies on the docket of Financial Accounting Foundation

The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the formation of a Trustee Working Group to address the important topic of accounting standard setting for nonpublic entities.
A&A

Historic moment for private company accounting standards; CPAs told they must support proposed changes

The final report of the Blue Ribbon Panel to the Financial Accounting Foundation (FAF) recommended a new, separate standard-setting board for private companies and modifications to U.S. GAAP for private companies.
A&A

Global study shows new direction for internal auditing

In the next five years, the focus of internal audit activities will differ significantly from current practice, and it's important that internal auditors at all levels – not just the chief audit executive – keep up-to-date.
A&A

Texas Society of CPAs recommends separate standards for private companies under FAF

TSCPA officials said that the society has long supported the development of accounting standards that meet the needs of privately held companies in the United States, especially those that are the backbone of the economy, and are not adequately served through current GAAP financial statements.
A&A

FASB's Seidman signals emphasis on converged standards, needs of private companies

Leslie Seidman, the newly appointed chairman of the FASB, repeatedly emphasized the board's intention to communicate with constituents and to produce standards in "an open process that encourages and values input."
A&A

Panel works on final recommendation for separate standards board for private companies

The Blue Ribbon Panel continued its discussion on how to modify existing standards-setting process for private companies during its meeting last week.
A&A

Nearly half of executives anticipate SEC decision on IFRS in 2011

Most executives responsible for corporate financial reporting said their firms will be ready, but likely will not move to IFRS until mandated, even if an "early adoption" option is allowed, according to an IFRS convergence survey.
A&A

PCFRC's O'Dell discusses FASB, concerns of private companies

At its fourth public meeting, earlier this month, the Blue Ribbon Panel, formed by the Financial Accounting Foundation to define the issues faced by private companies with U.S. GAAP, agreed that a new model for private company reporting was required.
A&A

AICPA supports separate standards board for private companies

In a statement issued in advance of a meeting of the Blue Ribbon Panel on private company standards setting, panel member Barry Melancon said he expected the panel to recommend a new model of financial reporting that will generate different standards for private companies.
A&A

Herz to retire as chairman of FASB

Robert Herz, chairman of the Financial Accounting Standards Board (FASB), will retire as of October 1, two years before his current term expires.
A&A

Blue Ribbon Panel leans toward separate GAAP for private companies

At its most recent meeting the Financial Accounting Foundation's (FAF) Blue Ribbon Panel chairman asked the panel to define the problem that private companies faced with U.S. GAAP and to narrow the field for proposed alternative models.
A&A

Opinion: SEC IFRS support not all it's cracked up to be

The SEC has announced its support for a single set of high-quality, globally accepted accounting standards as well as for the ongoing convergence of GAAP and IFRS. What does this mean for U.S. accountants? Nothing.
Community News

Rick Anderson named to head “Blue-Ribbon Panel" on accounting standards for private companies

Rick Anderson, chairman and CEO of Moss Adams LLP, has been named chairman of a “blue-ribbon panel” established to analyze U.S. accounting standards and how they can best meet the needs of users of private company financial statements.

Blue ribbon panel to address private company accounting standards

The American Institute of Certified Public Accountants (AICPA) and the Financial Accounting Foundation (FAF) have announced the establishment of a “blue-ribbon panel” to address how U.S. accounting standards can best meet the needs of users of private company financial statements.
Community News

Treasury committee declines to recommend liability protections for large firms

The U.S. Department of the Treasury established the Advisory Committee on the Auditing Profession to develop recommendations to ensure the "sustainability of a strong and vibrant public company auditing profession." The Committee's blue-ribbon membership was drawn from a wide range of professions and experiences.

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