FAF Responds to Blue–Ribbon Panel

The Financial Accounting Foundation (FAF), FASB’s parent organization, is forming a working group to review the adequacy and effectiveness of FASB’s efforts in setting standards for the private company and nonprofit sectors.

You’ll recall that the Blue–Ribbon Panel on Private Company Standards (the Panel) delivered its final report to the FAF earlier this year. At that time the Panel recommended that the FAF create a board separate from FASB that would set private company reporting standards. The creation of the working group is the next step in this process.

The working group will be composed of FAF trustees and staff and intends to issue an action plan in six to eight months on whether or how to devise rules that differ from those of public companies. It will conduct roundtable meetings, surveys and meetings with advisory and constituent groups. At the same time FAF will seek input on suggested improvements, including the solutions recommended by the blue-ribbon panel.

You may keep up with FAF, FASB, and the GASB at http://www.fasb.org/.

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