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.