The American Institute of Certified Public Accountants, the Financial Accounting Foundation, and the National Association of State Boards of Accountancy has named Rick Anderson as chairman of the “blue-ribbon panel” established to address how U.S. accounting standards can best meet the needs of users of private-company financial statements.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...