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 (


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.
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