I read this with interest and had the following thoughts:
At the heart of the matter, this deals with big company versus little company GAAP. While our Firm does a lot of SEC audits, we do private company audits, reviews and compilations. Every year it is harder and harder for the private sector to comply.
The SEC keeps pushing towards some kind of convergence with IFRS, but this panel eliminated any IFRS models. That they also eliminated the "status quo" isn't surprising.
The panel is leaning to a different model of GAAP.
If implemented, my take is that we would wind up with public company GAAP and private company GAAP. I have long expected that to happen, but fundamentally it just doesn't seem right. Long run it likely means higher costs as well, and nobody wins in that scenario.