For over 20 years there has been some disgruntled rumbling in the trenches of the accounting profession. As the Financial Accounting Standards Board (FASB) issues ever-more complex and arcane standards, financial executives of nonpublic companies have been groaning under the weight of onerous accounting requirements that often just don't seem to apply for them.
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The thing they groan most is, "Why?" Why, they want to know, should Mom-n-Pop's Coffee Shop have to meet the same generally accepted accounting principles (GAAP) as giant General Motors Corp.? All Mom-n-Pop want is a bank loan for a new grill, while GM needs to justify several billion dollars in stock market investments.

From such questions came the concept of Big GAAP-Little GAAP -- a system that would require big companies to meet one set of standards while little companies meet another. The idea kicked around in the 1980s and died out; it was revived in the 1990s, only to......

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Title: Fasb Issues
Approximate Word Count: 1821
Approximate Pages: 8 (250 words per double-spaced page)

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