Following on its receipt in January of the report and recommendations of the Blue Ribbon Panel on Standard-Setting for Private Companies --a panel jointly sponsored by the Financial Accounting Foundation (which oversees the FASB), the American Institute of CPAs, and the National Association of State Boards of Accountancy, the FAF announced earlier today the formation of a Working Group among the FAF Trustees to focus on the issue of private company standard-setting.
Specifically, the FAF Working Group will be charged with conducting outreach and seeking input on the recommendations made by the BRP, to help inform the FAF Trustees as they give further consideration to those recommendations. Among the recommendations made by the BRP were to form a separate standard-setting board dedicated to private companies, to operate alongside FASB, under the aegis of the FAF. View the list of FAF Trustees.
IFRS For SMEs Implementation Group Seeks Comment On Draft Guidance In other news relating to private companies, the IASB's Small and Medium Sized Entities Implementation Group (SMIEG) published draft guidance last week on Use of IFRS for SMEs in Parent's Separate Financial Statements. The comment deadline on the draft guidance (representing the first set of draft guidance released by the SMIEG), is April 4. View the list of SMIEG members.