AICPA explores financial reporting for private cos.Concerns over how Sarbanes-Oxley relates to private companies has led the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). to form a Private Company Financial Reporting Task Force to study issues related to private company financial reporting. Specifically, a growing frustration over the relevance of GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). literature to smaller, private companies hastened the study, the AICPA says. The task force will first establish if there is an issue with traditional GAAP financial statements and will enlist the help of such organizations as the American Bankers Association The American Bankers Association (ABA) is comprised of banks and other financial institutions. It seeks to promote the strength and profitability of the banking industry by Lobbying federal and state governments, building industry consensus on key issues, and providing products and , Financial Executives International and state CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. societies. For more, visit www.aicpa.org/download/news/2004_0309_TF_Fincl_reprt_privatco.pdf. |
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