The Financial Accounting Standards Board ("FASB") has requested comment on a staff paper that outlines an approach for deciding whether and when to modify U.S. generally accepted accounting principles ("GAAP") for private companies. Many private companies issue financial statements in accordance with GAAP for the benefit of their investors and lenders. In seeking comment, FASB is looking to gain further insight as to the unique needs of users of private company financial statements, as well as opportunities to reduce the complexity and cost of preparing private company financial statements in accordance with GAAP. The deadline for submission of comments to FASB is October 31, 2012.
The invitation to comment is available at www.fasb.org