The Blue Ribbon Panel on Private Company Financial Reporting was formed by the American Institute of CPAs (AICPA), the Financial Accounting Foundation (FAF) and the National Association of State Boards of Accountancy (NASBA) to provide recommendations on the future of standard setting for private companies. The VSCPA has adopted a resolution supporting the panel's recent recommendation of the creation of a separate board to determine private-company Generally Accepted Accounting Principles (GAAP).