FASB Pursues Private Company Agenda Amid Calls for a New Standard Setter


The Financial Accounting Standards Board is taking up work on fair-value disclosure rules for private companies at the same time that many in the profession are calling for a separate independent standard-setter for private companies. FASB’s parent organization, the Financial Accounting Foundation, has received more than 4,300 letters urging it to reform its proposal for a new private-company council whose decisions would require ratification by the FASB. The AICPA is leading a push for an independent standard-setting body.