The American Institute of Certified Public Accountants (AICPA) has released a report from its Private Company Financial Reporting Task Force recommending changes to the Generally Accepted Accounting Principles (GAAP) for private companies. The task force conducted extensive research and based its conclusions on the input of more than 3,700 responses from those impacted. In response to the task force’s findings, AICPA, Financial Accounting Foundation (FAF) and Financial Accounting Standards Board (FASB) have agreed to work together to explore possible changes to GAAP for private companies.
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