April 2010

Panel Meets to Discuss Private Company Financial Reporting

From Journal of Accountancy.

Members of a blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies met for the first time Monday to discuss their views on the topic, which has been debated for decades.

The key portion of the meeting featured the viewpoints of those panel members who use private company financial statements. Those users included three lenders, a venture capitalist, a private equity manager, a surety, and a business owner.  One of the key takeaways was that most members agreed that U.S. GAAP is seen as a gold standard in financial reporting, and that consistency of GAAP is key.

They also said that financial statements are only a part of decision making and that management’s character plays an important role in those decisions.

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