FASB and AICPA propose new private company financial reporting model.

• Position: National

The Financial Accounting Standards Board (FASB) and the AICPA have issued a joint proposal intended to improve the financial reporting process for private company constituents.

The proposal describes specific process changes, including:

* Improving FASB's current process for determining whether differences are needed in GAAP standards

* Sponsoring and funding a committee that would integrate the views of private company financial reporting constituents into the standard-setting process

The AICPA and FASB believe this plan will reconcile the differences between nonpublic and public entities, without creating a second set of GAAP, but by incorporating enhancements into existing accounting...