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June 6, 2011

US private companies back FASB as standard setter

US private and public companies want the US Financial Accounting Standards Board (FASB) to set accounting standards for private and non-for-profit organisations in the future.

A survey conducted by Grant Thornton US found that the majority of private and public company chief financial officers do not support a proposal for a separate standard setter to be created for private companies as suggested by a joint Financial Accounting Foundation and the American Institute of Chartered Accountants Blue Ribbon Panel.

Only 18% of the respondents backed the suggestion with more then half of the respondents (55%) saying they would prefer to see the FASB make the decision on the future of financial reporting for private companies.

While 24% said private companies should adopt IFRS for SMEs as suggested by the International Accounting Standards Board.

Grant Thornton US surveyed 318 chief financial officers, 58% from private companies and 42% from public companies.

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