Last week, AICPA/FAF/NASBA’s Blue Ribbon Panel on Standard-Setting for Private Companies (BRP) issued its report and recommendations to the Financial Accounting Foundation. The executive summary states:
“This report proposes major and other enhancements aimed at fostering an accounting standard-setting system that would seek to maintain a high degree of financial reporting comparability for business entities, regardless of capital structure, but also significantly increase the chances of effecting potential differences, where warranted, in measurement, recognition, and presentation, and not just disclosure.”
For a summary and additional materials check the recent article in the Journal of Accountancy and Financial Executives International’s Highlights of Recommendations Made by Blue Ribbon Panel on Private Cos.
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