The Financial Accounting Foundation released its much-anticipated response to the findings of the Blue Ribbon Panel on Standard-Setting for Private Companies, proposing a new council that could identify and vote on improvements to U.S. accounting standards specifically for private companies. The changes would be subject to ratification by the Financial Accounting Standards Board, so the council would not be the autonomous standard-setter some in the profession had hoped for. The American Institute of CPAs, in particular, was disappointed, vowing to renew its letter-writing campaign for an independent board, and even going so far as to empower its board to consider another standard-setter for private companies. (See our cover story.)
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