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AICPA submits comments on proposed changes to FAF, FASB and GASB; calls for panel to address IFRS for non-public organizations.

As part of the AICPA's comments to the Financial Accounting Foundation on proposed changes to oversight, structure and operations of the FAF, the Financial Accounting Standards Board and the Governmental Accounting Standards Board, the Institute recommended the creation of a Blue Ribbon Panel to determine whether a move to international financial reporting standards (IFRS) is appropriate for private companies and not-for-profit organizations, and to consider the related effects on an appropriate oversight and standard-setting model for these constituencies.

The AICPA supports the goal of a single set of high quality, comprehensive accounting standards to be used by public companies in the preparation of transparent and comparable financial reports throughout the world. The Institute said one common accounting language would benefit investors, as well as issuers and the capital markets, because it would facilitate the comparison of reporting entities domiciled in different countries.

In addition to calling for creation of the Blue Ribbon Panel, the AICPA recommended that the FAF explore alternative ways to secure funding for the Governmental Accounting Standards Board and that it work with the Securities and Exchange Commission to develop a project and transition plan to move U.S. public companies to IFRS. In late Feb., the FAF adopted its plans as proposed.

[website] FAF_Board_Comment_Letter.pdf
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Title Annotation:accounting & auditing news
Publication:CPA Letter
Date:Apr 1, 2008
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