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FASB proposes public business entity single definition

The Financial Accounting Standards Board (FASB) has issued a proposal for public comment to establish a single definition of a public business entity.

The Accounting Standards Codification currently includes multiple definitions of the public business entity term and the proposed update could simplify US GAAP by providing a single definition for use in future accounting and reporting standards.

The proposed update would also identify the types of organizations to be excluded from the scope of the draft Private Company Decision-Making Framework once it has been finalized

The definition of a public business entity would be used by the FASB and its Private Company Council and Emerging Issues Task Force to specify future accounting and reporting guidance.

The FASB noted that the proposal would not affect existing requirements and stakeholders have been encouraged to provide comment on the proposal by 20 September.

Related links

Financial Accounting Standards Board

FASB proposed accounting standards update

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