Private Company Financial Reporting

On August 1st, The FASB and the Private Company Council released an Invitation to Comment, Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies.

According to its introduction section, the ITC “invites stakeholders to comment about the draft private company (nonpublic business entity) decision-making framework.” The proposed framework was drafted by the FASB staff in consultation with the Board. 

The recommendations contained in the ITC are preliminary and, without a doubt, subject to significant revision.  Comments on the ITC are due October 31, 2012.

Interested parties can obtain the ITC from the FASB website (www.fasb.org).

Advertisements

About docjonz

I am an Associate Professor of accounting at Hofstra University in Hempstead, NY. Additionally, I have more than 30 years of professional accounting experience in various capacities including auditing, accounting standard setting and corporate accounting policy.
This entry was posted in Uncategorized and tagged , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s