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

NEW YORK (Oct. 4, 2010) – 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.