Private Company Council plans cautious approach

Oct 25, 2012

Looks like change will be slow coming for private company standards. Billy Atkinson, chair of the new Private Company Council, said he plans to consider changes for all users before making exceptions for private companies.

Atkinson spoke Monday at the AICPA fall Council meeting. Meanwhile, AICPA is preparing its own framework for small and medium-sized enterprises, with an initial framework expected soon.

“If we do have fixes, we should first evaluate the fixes from the standpoint of all the users, not just the private company users,” Atkinson said in an interview with the Journal of Accountancy.

Randy Myeroff, a member of AICPA Council and an OSCPA member whose firm, Cohen & Company, audits about 250 private companies, asked if Atkinson would keep an open mind when it comes to measurement and recognition differences for private companies. Atkinson said he would. But in his speech and an interview afterward, he focused on broader fixes before exceptions and modifications.

Read more of AICPA’s coverage of Atkinson’s presentation from the Journal of Accountancy.