Private Company Financial Reporting

The financial reporting needs of private companies and users of their financial statements is an important issue that has been on the radar screen of regulators and accounting organizations for many years. Recently, it has become a major initiative for the AICPA and FASB with the formation of the Private Company Financial Reporting Committee (PCFRC).   

News

• NASBA and PwC Oppose AICPA Plan for SME Framework. Accounting Today, c2013
  

• FASB Focuses on Nonpublic Companies. accountingWEB, c2013
  

• FAF Appoints Members to Newly Created Private Company Council. Financial Accounting Foundation, c2012
  

• Establishment of the Private Company Council: Final Report. Financial Accounting Foundation, c2012

Resources

• Private Company Financial Reporting Website

• Financal REporting Framework for SMEs. AICPA

• IFRS for Private Entities. IASB

• IFRS for SMEs. IFRS.com (Video)

• IFRS for SMEs. IFRS.com (Q&A)

• IFRS for SMEs — U.S. GAAP Comparison Wiki. AICPA

• Free Training Material for IFRS for SMEs. IASB