This week, NVCA sent a letter signed by more than 70 of its member firms to the chairman and president of the Financial Accounting Foundation (FAF) supporting the recommendations of its Blue Ribbon Panel on Private Company Financial Reporting (BRP). Two of the significant recommendations are 1) the development of more relevant and useful private company accounting standards and 2) the creation of a separate board to develop and maintain them. Currently, private company and public company accounting principles and standards are under the purview of the Financial Accounting Standards Board (FASB).
Our partner and NVCA board member Jason served on the BRP along with a number of senior industry officials. He has been particularly involved with many of the frustrating private company accounting standards. For instance, the sheer stupidity of things like FAS 157 prove how disconnected the current FASB board is from private company accounting concerns.
Hopefully FAF will follow the recommendations of the BRP. Thanks to the NVCA for their support.