Earlier today, the members of the Blue Ribbon Panel on Private Company Accounting were announced by the cosponsoring organizations of the panel, the Financial Accounting Foundation, the AICPA, and NASBA. The three organizations announced in December that they were forming the panel to: "Provide recommendations on the future of standard setting for private companies, including whether separate, standalone accounting standards for private companies are needed." FEI had issued a statement in December, applauding the formation of the panel.
According to today's press release issued by the FAF: "Members of the panel represent a cross section of private company financial reporting constituencies, including lenders, investors, and owners as well as preparers and auditors......As announced last month, the committee will be chaired by Rick Anderson, chairman of Moss Adams, LLP, who is also a current member of the FAF Board of Trustees and the AICPA."
The panel is expected to issue its recommendations within approximately one year.