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The time is now! An MACPA task force supports creation of private company standards board, says GAAP exceptions and modifications are essential.
This whitepaper was unanimously approved and adopted by the Board of Directors of the Maryland Association of CPAs on June 2, 2011.
After three months of study and debate, the MACPA task force concluded that the needs of private companies or nonpublic entites have not been considered by FASB in their standard setiing activities resulting in overly complex and costly standards that do not benefit the users of those financial statements.
This whitepaper present the research, analysis, and recommendations of the MACPA Task Force.