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March 7, 2012

FASB re-examines ‘non-public entity’ definition

The Financial Accounting Standards Board (FASB) will re-examine the definition of a “non-public entity” in a new project added to its 2012 agenda.

FASB chairman Leslie Seidman said her decision was based on comments from stakeholders requesting clarification of the existing definitions and ongoing questions about which definition of a ‘non-public entity’ was being used in various projects.

The project will aim to define what constitutes a private company to distinguish between different types of entities for standard-setting purposes, as well as determine which companies are to be included in the scope of the Private Company Decision-Making Framework that is currently being developed.

“The FASB identified an opportunity to simplify the definition of a ‘non-public entity’ and to address a few known practice issues” Seidman said.

“This project will also help us identify the scope of entities that would be considered in future discussions about potential differences in requirements for non-public entities.” 

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