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.