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Big GAAP: private firms seek accounting fixes: changes could be made to generally accepted accounting principles.

Publication: San Diego Business Journal
Publication Date: 08-AUG-05 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Big GAAP: private firms seek accounting fixes: changes could be made to generally accepted accounting principles.(Special Report)(generally accepted accounting principles)

Article Excerpt
Private companies are calling for their own accounting playbook.

While privately held companies easily make up the majority of businesses in the United States, they still are governed by the same set of basic accounting standards as huge public companies such as Boeing Co. or IBM Corp.

Scrapbooking stores, corner Thai restaurants and venture-backed startups say that's not fair.

The issue has been discussed in the accounting industry for years. Accountants and private companies say the standard set of regulations isn't just pointless--it increases costs and burdens private companies with time-consuming accounting hassles.

Until now, the issue hasn't moved toward a fix.

In May, the...

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