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Announcement on Private Company Reporting: News or Snooze?
On May 23, 2012, the Financial Accounting Foundation (FAF) board of trustees finalized the structure of a new body, the Private Company Council, which will work to address the needs of privately held...
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Finally a Cliff Notes Version of GAAP?
Wow! As promised in May 2012, the AICPA actually released its version of private company GAAP on Nov. 1, a special purpose framework, which it is calling the Financial Reporting Framework for SMEs....
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And They’re Off
On June 10, 2013, both the FASB and the AICPA made significant strides toward addressing the financial reporting complexity for small businesses. This old edition of the Pennsylvania CPA Journal shows...
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Extra! Extra! FASB Issues First Ever Alternatives to GAAP
Hot off the press! On Jan. 16, 2014, the FASB issued its first ever alternatives to U.S. GAAP for privately held companies. These changes originated through the Financial Accounting Foundation’s newly...
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