Keep the Blue Ribbon Panel on your radar screen.

• Position: PCPS UPDATE - Brief article

At press time, the PCPS team stood ready to join in the effort to inform members about developments involving the Blue Ribbon Panel on Private Company Standard Setting and the impact they could have on CPAs and their private company clients. The panel--which is sponsored by the AICPA, the Financial Accounting Foundation (FAF), which oversees the FASB, and the National Association of State Boards of Accountancy--issued its final report in late January. The Blue Ribbon Panel recommended the creation of a new, separate board to address private company financial reporting. This group would make modifications and adjustments to GAAP as needed to meet the unique needs of private company financial...