Blue Ribbon Panel to assess accounting needs.

• Author: Orenstein, Edith
• Position: PRIVATE COMPANY ACCOUNTING

Three FEI members are among 18 named to the Blue Ribbon Panel on Private Company Accounting. The three are Daryl Buck, senior vice president and chief financial officer, Reasor's Inc.; William Knese, vice president for Finance and Administration, Angus Industries; and Teri Yohn, associate professor, Indiana University.

The Blue Ribbon Panel, cosponsored by the Financial Accounting Foundation, American Institute of Certified Public Accountants and National Association of State Boards of Accountancy, has been given a mandate to conduct a "comprehensive review of issues affecting the current system of standard setting for private companies in the United States," and "provide recommendations on the future of standard setting for private companies, including whether separate, standalone accounting standards for private companies are needed."

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The group expects to release recommendations within one year; it's first meeting will be held in April.

FEI issued a statement in December, supporting the panel's formation.

Buck has previously served as a member of the FASB-AICPA Private Company Financial Reporting Committee and currently serves as vice-chair of FEI's Committee on Private Companies--Standards (CPC-S), the national committee for FEI charged with monitoring and commenting on proposed accounting standards impacting private companies.

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