This blog has moved to:



AccountingOnion.com

« Can Auditors Help Save Spain's Banks? Nuts! | Main | A Lesson in Loan Accounting from an Unexpected Source: Oil and Gas Companies »

August 15, 2012

Comments

Phil Wilson

Who is responsible for private company financial reporting standards in the model you suggest here?

(A slight digression—attaining resolution to any of these questions would require a collaborative approach to standard setting among the SEC, FASB and PCAOB, which hardly ever takes place. For this and other reasons, I have come to the conclusion that the FASB – like the PCAOB – should be directly responsible to the SEC, cutting the Financial Accounting Foundation out of the picture. Since S-OX took care of the funding of the FASB, I see no reason why, in regard to financial reporting for public companies, there needs to be an FAF.)

Tom Selling

Phil, there are a number of possibilities: the FAF continuing with a new mission would be the most obvious. Another possibility is for the AICPA to form a new committee.

John Smith

I agree with Tom there are number of possibilities that's why FAF continuing with a new mission would be the most obvious.

The comments to this entry are closed.

This blog has moved to:



AccountingOnion.com