During its past two board meetings, the FASB has reached tentative decisions on a definition of 'nonpublic entity.' This definition will be key to determining the scope of companies, commonly referred to as 'private companies,' that will be able to avail themselves of specific changes/exceptions to GAAP offered to private co's going forward and relates as well to the upcoming decision of the FAF (which oversees FASB) on how best to set standards for private companies, e.g. whether and how to implement its proposed Private Co Standards Improvement Council, a decision that is expected to be deliberated if not decided at the FAF's May meeting. Read more here.
FASB Defines Nonpublic Entity (Private Company)
May 3rd 2012