July 22, 2011 8:45:12 am
FASB Takes First Steps in DevelopIng Private Company Standards
The Financial Accounting Standards Board (FASB) has identified six differential factors that will comprise the “differential framework” in development for private companies. Those factors identified by FASB that set private companies apart from public companies include:
• Types of users
• Access to management
• Investment strategies
• Ownership structures
• Accounting resources, and
• Education
As FASB moves forward in this process, these factors will influence whether changes, and what kind of changes, are made in respect to the accounting requirements for private companies.
Tags: Accounting Standards, Audit, Internal Audit
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