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SEPARATE ACCOUNTING RULES FOR PRIVATE COMPANIES?

Posted by Admin Posted on Jan 27 2011

The Financial Accounting Foundation (FAF), which supervises the Financial Accounting Standards Board (FASB), received a report that recommends a separate board to set accounting standards for private companies.  But rather than create an entirely new set of accounting rules, the report recommends that the board focus on creating exceptions to and modifications of existing accounting rules to better reflect the needs of private companies.  You can find more details here.

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