Council moves ahead on private company financial reporting.The Institute's governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. council passed a resolution announcing the profession's intent to work with FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). and its parent organization, the Financial Accounting Foundation (FAF FAF abbr. financial aid form ), to evaluate potential changes to GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). for privately held, for-profit companies as recommended by the Private Company Financial Reporting Task Force (www.aicpa.org/members/div/acctstd/pvtco_fincl_reprt/ index.htm). The resolution directs the AICPA to work with FASB and the FAF to identify and implement a process that would evaluate, where appropriate, potential changes in recognition, measurement and disclosure differences from current GAAP as applied by public companies. |
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