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Tax News Aug 2010 - "Is Help on the Way for Private Company Accounting Standards?"

Tax News Aug 2010 - "Is Help on the Way for Private Company Accounting Standards?"

Tax News Aug 2010 - "Is Help on the Way for Private Company Accounting Standards?"

Excerpt


Is Help on the Way for Private Company Accounting Standards?



In the past, we have discussed the differences between the cash and accrual bases of accounting. While these differences can be hard to grasp, the overall concepts of the two methods are fairly straightforward. The accrual basis of accounting does not, however, address all the complexities in what we accountants call the Generally Accepted Accounting Principles, or GAAP. That’s why a decades-long debate has raged over whether there should be two sets of accounting standards in the United States: one for publicly reporting entities and one for private companies. With the appointment in December 2009 of an 18-member panel to investigate developing separate standards for public and private companies, the American Institute of Certified Public Accountants is attempting to address the issue.


 


 


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