Panel addressing standards for private companies submits report to FAF.

• Position: FTB NEWS

Report recommends new board to modify U.S. GAAP for private companies.

The blue-ribbon panel addressing how U.S. accounting standards can best meet the needs of users of private company financial statements has issued its recommendations (www.calcpa.org/BPrecs) to the Financial Accounting Foundation (FAF) board. Among other things, the report:

* Calls for fundamental changes to the system of standard setting, including the creation of a new board, to be overseen by the FAF, that would focus on making exceptions and modifications to U.S. GAAP for private companies that better respond to the...