AICPA submits comments on proposed changes to FAF, FASB and GASB; calls for panel to address IFRS for non-public organizations.

PositionAccounting & auditing news

As part of the AICPA's comments to the Financial Accounting Foundation on proposed changes to oversight, structure and operations of the FAF, the Financial Accounting Standards Board and the Governmental Accounting Standards Board, the Institute recommended the creation of a Blue Ribbon Panel to determine whether a move to international financial reporting standards (IFRS) is appropriate for private companies and not-for-profit organizations, and to consider the related effects on an appropriate oversight and standard-setting model for these constituencies.

The AICPA supports the goal of a single set of high quality, comprehensive accounting standards to be used by public companies in the preparation of transparent and comparable financial reports throughout the world. The Institute said one common accounting language would...

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