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FASB Extends Commenting Period, FAF Adds to Roundtable Series

Accounting boards are planning to update and revise older financial reporting

With the continuing debates and high levels of confusion surrounding the state of U.S. accounting principles, some groups are working to get more feedback about updating the rules that govern private companies.

The

With the continuing debates and high levels of confusion surrounding the state of U.S. accounting principles, some groups are working to get more feedback about updating the rules that govern private companies.

The Financial Accounting Standards Board has been wrapped up in talks with its international counterpart in recent years, as the two groups work to determine a solid course of action for unifying global accounting practices.

Consolidations, investment property entities and investment companies are some of the issues the FASB is proposing to change, and it recently extended the commenting period, Compliance Week reports. While the public originally had until January 17 to share its opinions about the consolidation proposal and until January 5 for the investment topics, now the deadline for all three is set for February 15, 2012.

The Financial Accounting Foundation (FAF) said it would be having a physical roundtable session in Boston, in addition to those it's holding in Atlanta, Dallas and Stanford, California.

FAF chairman of the board of trustees, John J. Brennan, said the sessions would help "ensure that we hear views from as large a cross section of stakeholders as possible."

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