Help us meet the needs of private companies

Financial accounting reporting is increasingly complex, driven by the needs of users of public company financial statements, yet creating costly and unnecessary burdens for private companies.

In 2010, the American Institute of Certified Public Accountants (AICPA), the Financial Accounting Foundation (FAF) and the National Association of State Boards of Accountancy formed a panel to explore changes necessary to best meet the needs of U.S. users and preparers of private company financial statements. Despite an overwhelming majority of the panel members agreeing that a separate board and accounting standards for private companies are necessary, FAF rejected the board idea.

While FAF's proposal recognizes modifications needed for accounting standards, its methods for making changes still follows a path that has failed for more than 40 years. Unless there is a separate board, the concerns of users and preparers of privately held companies' financial statements will not be fully met. Clifton Gunderson LLP urges you to join us in this vital campaign. Visit www.cliftoncpa.com. The comment deadline is Jan. 14.

Peter Jacobs

Clifton Gunderson

LLP

Cedar Rapids