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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The American Institute of Certified Public Accountants (www.aicpa.org) is the world's largest association representing the accounting profession, with nearly 370,000 members in 128 countries. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting; membership is also available to accounting students and CPA candidates. The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination.
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