The Blue Ribbon Panel was in charge of recommending an approach to standard setting for private companies in the U.S.to the FAF,what did the Blue Ribbon Panel determine?
A)A separate standard setting board for private company financial reporting should be established under the FAF's oversight.
B)Initially the new Board should focus on making exceptions and modifications to U.S.GAAP for private companies rather than moving toward a separate,self-contained GAAP for private companies.
C)The new Board should also work to develop a framework for determining which standards should be exempted or modified for private companies.
D)All of the above

Question

Quizplus · Accepted Answer

The Blue Ribbon Panel determined that a separate standard setting board for private company financial reporting should be established under the FAF's oversight, that initially the new Board should focus on making exceptions and modifications to U.S.GAAP for private companies rather than moving toward a separate, self-contained GAAP for private companies, and that the new Board should also work to develop a framework for determining which standards should be exempted or modified for private companies. Therefore, option D - all of the above - is the best choice.

The Blue Ribbon Panel Was in Charge of Recommending an Approach