Members of NASBA, AICPA, and TAF’s “blue-ribbon” panel met this week to discuss a topic that has been debated for years: the future of accounting standards for private companies.   During this first meeting most members agreed on one thing: U.S. GAAP is considered a “gold standard in financial reporting, and that consistency of GAAP is key,” according to the Journal of Accountancy. Members also emphasized that financial statements are only a starting point. “The real issue is how do we get the right set of standards for users,” said Rick Anderson, CEO of Moss Adams and the panel chair.

Representatives from the International Accounting Standards Board and the Canadian Accounting Standards Board will address the panel at their next meeting on May 14th.