FASB and the AICPA have issued a joint proposal intended to improve the financial reporting process for private companies. The initiative seeks feedback on proposed enhancements to standard-setting procedures that would determine whether the Board should consider differences in accounting standards for private companies.
Under the proposal, FASB would enhance the transparency of its standard setting, and consider input from private company constituents. To that end, the FASB and the AICPA would also sponsor and fund a joint committee...
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