CFO.com reported that accountants and finance executives are lobbying hard for the Financial Accounting Foundation (FAF) to appoint a separate board, independent of the Financial Accounting Standards Board (FASB), to tailor accounting standards for private companies.

The FAF, which oversees FASB, is charged with responding to the recommendations made by a blue-ribbon panel on private-company GAAP earlier this year. The core recommendation – to have an optional set of modifications and exceptions to standard GAAP for private companies – has broad support. The question of who should do the modifying, however, has erupted into a controversy, the CFO article notes.

To read the article posted on CFO.com: click here.