Will the creation of a separate board and a differential framework ultimately steer the 30-plus-year debate over the creation of private company reporting standards toward a resolution? fhe Blue Ribbon Panel on Standard-Setting for Private Companies, the 18-member group organized in 2009 by the American Institute of CPAs, the Financial Accounting Foundation and the National Association of State Boards of Accountancy, recently issued its long-awaited recommendations on private company standards, including establishing a new board to oversee and determine private standards, as well as creating a differential framework - a set of decision criteria - to facilitate a standard-setter's ability to make appropriate, justifiable exceptions and modifications.
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