Panel Backs Private Company GAAP


A blue-ribbon panel set up to examine accounting standards for private companies last week recommended modifying U.S. generally accepted accounting standards (GAAP) to meet the needs of smaller businesses and establishing a separate standards-setting body to oversee the changes, rather than assigning the task to the Financial Accounting Standards Board.

The Financial Accounting Foundation, FASB's parent and one of the sponsors of the blue-ribbon panel, will now consider whether to enact the proposals.

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