One of the bigger questions in accounting is if there should be different standards for different sets of companies.
Last fall, I participated in a roundtable on the topic at New York University called, “Big GAAP vs. Little GAAP: Public Company and Private Company Reporting.” The roundtable focused on the pros and cons of having different accounting standards for private companies from those for public companies and included a discussion of recent private company reporting initiatives by the Financial Accounting Standards Board and the American Institute of Certified Public Accountants.
