AICPA/FAF/NASBA “Blue-Ribbon” Panel Written Submissions from Constituents

The AICPA/FAF/NASBA "Blue-Ribbon" Panel on Standard Setting for Private Companies (the Panel) is seeking written input from constituents in the form of responses to the following set of questions. Your responses will assist the Panel in discussing how accounting standards can best meet the needs of U.S. users of private company financial statements and making recommendations thereon to the FAF Board of Trustees (the Trustees):

Summary of Public Submissions 

Responses to Questions
(Note: the respondents’ affiliation is indicated only when the individual’s views also reflect those of the organization with which the individual is affiliated)


All respondents:
  1. Please complete the form to help compile information on the respondents and send as a separate attachment. The results of question 1 will not be posted to this webpage for public viewing.
Users (e.g., lender, surety, investor, owner) only:
  1. a) Briefly describe how you use GAAP financial statements in your decision-making concerning private companies.

    b) Tell us about any issues or concerns that you may have with respect to the relevance of the information contained in those statements. Please be as specific as possible in your answer.
All respondents:
  1. a) Tell us about any issues or concerns you have with current U.S. GAAP accounting standards as those standards apply to private company financial statements.

    b) Are those issues or concerns confined to one or more specific standards, or are they more systemic?

    c) Do you believe that those issues or concerns are largely confined to private companies, or are they broader?

    Please be as specific as possible in your answers.
  1. What short-term and/or long-term actions do you believe are necessary to address those issues or concerns? Please be as specific as possible in your answer, and explain your reasoning.
  2. a) To what extent, if any, would an SEC requirement for public companies to adopt IFRS at a date certain affect your answers above? Why?

    b) To what extent, if any, would other outside factors affect your answers above? Which factors and why?
  1. Is there any other input that you'd like to convey to the Panel?
  2. Do these responses represent your individual views or are they submitted to represent the views of the organization with which you are associated?
If you or your organization would like to submit your responses to the questions, please email them to Tim Woo,, no later than Wednesday, September 15, 2010. All submissions will be considered public and will be posted to this webpage for public viewing. A summary of the responses received through September 15th will also be prepared and distributed to Panel members and participating observers. The summary will also be included as part of the observer notes (publicly available meeting handout) for the Panel’s next meeting, on Friday October 8th, in New York City. To facilitate the staff’s ability to read and summarize the submissions, we ask, notwithstanding our request for specificity, that you please try to be as succinct as possible in your responses to the questions.