The Financial Accounting Standards Board issued for public comment Wednesday a proposal that would define a public business entity and affect which types of businesses might qualify for alternative accounting and reporting guidance as private companies.
The purposes of the proposal are to amend the Master Glossary of the FASB Accounting Standards Codification to include one definition of a public business entity for use in U.S. GAAP and to identify the types of organizations that would be excluded from the scope of FASB’s draft Private Company Decision-Making Framework once it is finalized. FASB and its sister organization, the Private Company Council, voted to finalize the framework last month, but it has not yet been finalized (see FASB Votes to Finalize Private Company Framework). A final version of that framework is expected to be issued in early September.
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