FASB, AICPA Reach Meeting of Minds on SFAS and Private Companies

The Financial Accounting Standards Board and American Institute of CPAs jointly announced a new 11-member advsiory board which would explicitly consider the impact of new FASB statements on privately-held companies. Smaller companies are urged to send comments to the board; in addition, the FASB will take steps to improve process transparency. More information is available at www.pcfr.org; open comments can be made until August 15.