The Financial Accounting Standards Board and the American Institute of CPAs issued a proposal aimed at improving the financial reporting process for private companies.
The groups are asking for feedback on changes to FASB's standard-setting procedures, which would allow FASB to consider differences in accounting standards for private companies within generally accepted accounting principles.
Under the proposal, FASB would implement certain improvements to enhance the transparency of its standard-setting process for private companies and consider input from private company constituents. Together, FASB and the AICPA would sponsor and fund an 11-member committee to serve as a resource to the FASB and ensure the views of private company constituents are incorporated into the standard-setting process. The AICPA has already begun recruiting a dedicated staff member to assist the committee with its work.
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