FASB Issues Proposal to Define Public Business Entity
- Amend the master glossary of FASB Accounting Standards Codification ® to include one definition of a public business entity for use in US Generally Accepted Accounting Principles (GAAP), and
- Identify the types of organizations that would be excluded from the scope of FASB's draft Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies  once it is finalized.
The decision-making framework  will aid the FASB and the Private Company Council (PCC) in identifying opportunities to enhance the relevance of accounting standards to users as well as to reduce the cost and complexity of preparing private company financial statements in accordance with US GAAP. The framework is expected to be issued by the end of the summer.
- It is required by the US Securities and Exchange Commission (SEC) to file or furnish financial statements, or does file or furnish financial statements, with the SEC (including other entities whose financial statements or financial information are required to be or are included in a filing).
- It is required by the Securities Exchange Act of 1934, as amended, or rules or regulations promulgated under the Act, to file or furnish financial statements with a regulatory agency.
- It is required to file or furnish financial statements with a regulatory agency in preparation for the sale of securities or for purposes of issuing securities.
- It has (or is a conduit bond obligor for) unrestricted securities that are traded or can be traded on an exchange or an over-the-counter market.
- Its securities are restricted, and it is required to provide US GAAP financial statements to be made publicly available on a periodic basis pursuant to a legal or regulatory requirement.
This excludes not-for-profits or employee benefit plans within the scope of Topics 960 through 965 on plan accounting.
- FASB and PCC Finalize GAAP Framework for Private Companies 
- FASB Seeks More Feedback on Decision-Making Framework