The FEI Financial Reporting Blog just reported FASB’s preliminary findings on potential improvements to standard setting for private companies. “The FAF has thus far received over 1,100 comment letters on this subject,” says Edith Orenstein (FEI). Although a large portion of the comment letters agree to the Blue Ribbon Panel's recommendation to form a new standards-setting board for private companies, others do not support “the wholesale creation of a new standards board for private companies, preferring instead other approaches, including formation of a new advisory group to FASB regarding private company accounting,” Orenstein remarks.