Definition of "public business entity"
brings much needed clarity
Currently, multiple definitions of "public business entity" exist in the Financial Accounting Standards Board Accounting Standards Codification, and the inconsistency in the accounting literature has resulted in some confusion for financial statement preparers.
On December 23, 2013, the Financial Accounting Standards Board (FASB) issued a definition of the therm "public business entity" (PBE). Adding and defining the term was deemed necessary to enable the FASB to determine clearly which entities would qualify for private company accounting alternatives within the U.S. generally accepted accounting principles (U.S. GAAP) going forward.
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Also in this issue:
- Audit coming? How to prepare
- Check tampering: One of the most expensive employee frauds
A & A Advisor |