The Financial Accounting Standards Board and the Private Company Council voted Tuesday to finalize the Private Company Decision-Making Framework, which outlines criteria they intend to use for determining whether and under what circumstances it is appropriate to adjust financial reporting requirements for private companies following U.S. GAAP.
The framework is intended to help the PCC and FASB identify opportunities to reduce the cost and complexity of preparing private company financial statements in accordance with U.S. GAAP, while enhancing the relevance of accounting standards for private companies. FASB had previewed the decision-making framework in April, issuing an invitation to comment on a draft version of the framework (see FASB Previews Framework for Deciding on Accounting Standards Changes for U.S. Companies). The finalized framework is expected to be issued sometime this summer.
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