FASB Flash Report - August 2013
On August 7, 2013, the FASB issued a proposed Accounting Standards Update (ASU) for public comment that would define a “public business entity.” That definition would determine whether a reporting entity is eligible for accounting alternatives developed by the Private Company Council (PCC). Specifically, the proposal would amend the ASC Master Glossary to include one definition of a public business entity for future use in U.S. GAAP. It would also be used to define the scope of FASB's draft Private Company Decision-Making Framework when that document is finalized. The deadline for submitting comments on the proposed ASU is September 20, 2013. Refer to the Electronic Feedback Form to provide comments on the Exposure Draft.