Big Gaap, Little Gaap
Big GAAP, Little GAAP
FASB chairman Robert Herz says the board wants ''to make sure the concerns of private companies and small public companies are being heard.''
Small companies are feeling the pinch of increased regulation these days. Many CFOs of small businesses say they are being unfairly punished for the indiscretions of such large companies as Enron, WorldCom, and Tyco by having to implement new rules that are disproportionately time-consuming and costly to carry out.
To answer these concerns, the Financial Accounting Standards Board recently established the Small Business Advisory Committee, which will advise FASB on the issues that are important to small companies.
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"During the last few years, the focus has been on large public companies and international convergence [of accounting standards]," admits FASB chairman Robert Herz. "We want to make sure the concerns of private companies and small public companies are being heard."
One of those......
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Approximate Word Count: 361
Approximate Pages: 2 (250 words per double-spaced page)
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