Differing views of private company standards.

Despite the Blue-Ribbon Panel on Standard Setting for Private Companies recommendation to create an independent board to build the blueprint for private company standards, the Financial Accounting Foundation's board has proposed (www.oalcpa.org-/FAFprivateplan) the Private Company Standards Improvement Council, which would be overseen by the FAF board and propose changes to U.S. GAAP would be subject to FAF ratification.

The proposal's comment period closes Jan. 14, 2012.

The AICPA is opposing the FAF's proposal for various reasons, including the heavy FASB influence over the proposed council...