FAF, FASB Major Developments for Private Co's Coming This Spring

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Major developments in the ongoing work of the Financial Accounting Standards Board and its parent body, the Financial Accounting Foundation, in their work toward improving accounting standard-setting for private companies, are expected to spring forward this spring, based on remarks of the FASB Chairman at two events earlier this month.

These developments include the expected release of a Discussion Paper on a conceptual framework for private company accounting (or exceptions/differences for private vs. public companies), the addition of a project to FASB's agenda provide a central definition in GAAP of 'nonpublic entity,' and the FAF's upcoming decision following up on its proposal released for public comment last year on improving accounting standard setting for private companies. Read more here.

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