Statement from AICPA President and CEO Barry Melancon on Blue Ribbon Panel on Private Company Standard Setting

NEW YORK, Oct. 4 /PRNewswire-USNewswire/ -- The following is a statement by AICPA President and CEO Barry Melancon on the upcoming Oct. 8 meeting of the Blue Ribbon Panel on Private Company Standard Setting:

The Blue Ribbon Panel on Private Company Standard Setting will meet in the AICPA's offices in New York on Oct. 8 and we anticipate based on the preliminary conclusions during prior meetings it will vote to recommend a new model of financial reporting that will generate truly differentiated standards for private companies. Crucial to the effective implementation of that recommendation is establishing a separate standard setting board under the Financial Accounting Foundation to provide a comprehensive solution to the problem of private company accounting. This has been a long time coming and I believe the case for a separate private company standards board under the oversight of the FAF is stronger than ever.

About the AICPA

The American Institute of Certified Public Accountants (www.aicpa.org) is the national, professional association of CPAs, with approximately 360,000 CPA members worldwide in business and industry, public practice, government, education, student affiliates and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination. The AICPA publishes the website www.IFRS.com to inform members and the public about international accounting standards.

The AICPA maintains offices in New York, Washington, D.C., Durham, N.C., Ewing, N.J. and Lewisville, Texas.

SOURCE American Institute of Certified Public Accountants

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