"Little GAAP"

As financial reporting continues to be reviewed and proposals are made on how to merge or adopt international standards creating more costs and complexities, there is also effort to ease the burdensome reporting requirements of GAAP for small private companies. A blue-ribbon panel was established in late 2009 to address this issue, and on January 26th the panel submitted a formal request for the creation of “Little GAAP” to the Financial Accounting Foundation. The goal of this panel is a modified version of GAAP that would make accounting rules more relevant to private companies as well as require fewer disclosures and less-detailed measurements of some assets and liabilities. For more information, please contact Heather Hudgens at heather.hudgens@bellandcompany.net.