AICPA begins polling stakeholders on private company GAAP.

• Position: Legislation

As part of its effort to determine whether GAAP financial statements for private, for-profit companies are meeting the needs of users, the AICPA's Private Company Financial Reporting Task Force last month released a Web-based survey for stakeholders. The survey is available until Sept. 15.

An independent research firm designed the survey to collect opinions about the relevance, usefulness and effectiveness of GAAP financial statements for privately held companies. A key related issue is whether the cost of providing private company financial statements in accordance with GAAP is justified. Members from firms and companies who deal in the private company arena are...