I intended to get to this yesterday but I was having too much fun rummaging through SEC DCF letters and the day ran out on me.
Anyway, NASBA issued a press release to congratulate the Private Company Council for its three proposals for GAAP Lite and they can managed to contain themselves — this time — from telling the AICPA to take their FRF for SMEs and shove 'em where the sun don't shine, albeit barely:
NASBA Applauds Progress of Private Company CouncilNewly Introduced Proposals Offer Acceptable Alternatives Under U.S. GAAP for Private CompaniesThe National Association of State Boards of Accountancy (NASBA) today congratulated the Financial Accounting Standards Board (FASB) on their timely release of three proposals offering acceptable alternatives under U.S. Generally Accepted Accounting Principles (GAAP) for private companies in response to stakeholder concerns.“We applaud and congratulate the Financial Accounting Foundation (FAF) and the Private Company Council (PCC) for their efforts culminating in the recent release of these three accounting proposals for privately held companies,” said Ken L. Bishop, NASBA President and CEO. “We will continue to support the PCC as they work to continue to develop comprehensive and authoritative standards,” he added.
If you were to ask the AICPA, however, these proposals are not "timely" at all. Part of the reason the AICPA released its FRF for SMEs, says the AICPA, is that some private businesses were anxious for a non-GAAP option and since the FAF and FASB wasn't interested in doing anything but GAAP Lite (or GAAP with Exceptions or whatever), this FRF would be just the ticket.
NASBA, acutely aware of this, also took the opportunity in its press release to remind everyone that Baby GAAP wasn't born last night:
“FASBs recent release has proven that if given a reasonable opportunity, the PCC will develop standards uniquely applicable to private companies that are authoritative and part of GAAP. We look forward to future proposals and will continue to monitor the activities of the PCC, including its accountability to serve the public interest,” said NASBA Chairman Gaylen Hansen, CPA.
I really hope the passive aggression keeps up.