The Financial Accounting Standards Board has issued a staff paper with recommendations on which criteria and circumstances should be used to determine when it is appropriate to adjust U.S. GAAP reporting requirements for private companies.

The criteria would be part of a decision-making framework to help FASB and the newly created Private Company Council identify the unique needs of users of private company financial statements, along with any opportunities to reduce the complexity and cost of preparing private company financial statements in accordance with U.S. GAAP.

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