Down the road, two sets of GAAP may be inevitable, given the differing needs for financial information between public and private companies, Hepp says. "We run the risk, if we don't do something, that GAAP will become irrelevant for private companies."

"We need to step back and ask, 'Are we really servicing the users of financial statements?'" Abernathy adds. "Right now, it seems like it's become almost an academic exercise, versus a practical one."

Earlier this month, the Securities and Exchange Commission announced formation of the .

"The committee is intended to provide a formal mechanism through which the Commission can receive advice and recommendations specifically related to privately held small businesses and publicly traded companies with less than $250 million in public market capitalization," the SEC says in its release.