Statement from AICPA President and CEO Barry Melancon and AICPA Chair Paul Stahlin on Today's FAF Announcement to Create a Trustee Working Group to Address the Issues of Accounting Standard Setting Practices for Nonpublic Entities

Mar 04, 2011, 17:39 ET from American Institute of Certified Public Accountants

NEW YORK, March 4, 2011 /PRNewswire-USNewswire/ -- Barry Melancon said: "We applaud the FAF for taking an initial step toward implementing the Blue Ribbon Panel's recommendations to create a more workable system for private company standard setting. While we appreciate the Trustee Working Group must do their own due process, we urge them to move briskly in making changes to current and future accounting standards that will be more relevant and cost-effective to private company reporting constituencies by establishing a new board as was recommended by the diverse membership of the Blue Ribbon Panel."

Paul Stahlin said: "As a bank president, I'm in the position to be a user of private financial statements. I hear regularly from other users and CPAs about the need for more useful GAAP accounting. All too often, I see business loan applications accompanied by unnecessary financial information because too many FASB standards aren't relevant for most private businesses. I strongly urge FAF to adopt the recommendations of the Blue Ribbon Panel."

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SOURCE American Institute of Certified Public Accountants