In its Jan. 11 inaugural meeting as an advisory group to the Financial Accounting Standards Board, the Investors Technical Advisory Committee has said new accounting rules should require retrospective application and that private companies with public debt should be required to meet the same effective dates as public companies.
ITAC floated the ideas as a way to achieve more comparability among financial statements, according to Rebecca McEnally, an ITAC committee member and director of the Capital Markets Policy Group for the CFA Centre for Financial Market Integrity.
