United States

FASB Issues New Private Company Guidance

Feb 05, 2014
From the Financial Reporting Network

This edition of Defining Issues reports that the FASB and Private Company Council recently issued new guidance for private companies including the Private Company Decision-Making Framework (the Framework) and a new definition of a public business entity. Standard setters will use that definition to identify what entities should be excluded from the Framework and to determine the scope of new accounting standards that provide exceptions or alternatives to U.S. GAAP for private companies.

Read Defining Issues: FASB Issues New Private Company Guidance