AICPA explores financial reporting for private cos.

• Position: AICPA News - Concerns grow over how Sarbanes-Oxley relates to private companies - Brief Article

Concerns over how Sarbanes-Oxley relates to private companies has led the AICPA to form a Private Company Financial Reporting Task Force to study issues related to private company financial reporting.

Specifically, a growing frustration over the relevance of GAAP literature to smaller, private companies hastened the study, the AICPA says.

The task force will first establish if there is an issue with traditional GAAP financial statements and will...