As a first step in the process to look at one component of this issue, the FAF created the Blue-Ribbon Panel on Standard-Setting for Private Companies, sponsored jointly by the American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA). The Panel concluded its work in January 2011, upon issuance of its report to the Trustees. The establishment of the Working Group is the next phase of the FAF’s review of the adequacy and effectiveness of the Financial Accounting Standards Board’s (FASB) efforts in setting standards for the private company and non-profit sectors in the United States.

The Working Group will conduct outreach to stakeholders in various ways, including roundtable meetings, surveys and meetings with advisory and constituent groups and others. In conjunction with obtaining input on the scope of the issues and concerns to be addressed, the Trustees will also seek input on suggested improvements, including the solutions recommended by the Blue-Ribbon Panel.

Press release