AICPA urges FAF to adopt Blue Ribbon Panel recommendations

The American Institute of Certified Public Accountants' (AICPA) governing council approved a resolution on Tuesday, Oct. 18 that sends the Financial Accounting Foundation (FAF) a strong message: either FAF moves to adopt the Blue Ribbon Panel on Standard Setting for Private Companies’ (the Panel) recommendations for a separate board — which is the AICPA’s preference — or the AICPA will consider other options. Members are encouraged to send the FAF a letter in support of the panel’s recommendations by using this tool.