GAAP for Private Companies

Topics:
GAAP,
GAAP and GAAS
Tags:
Accounting,
AICPA,
Finance,
Financial Accounting,
Financial Reporting,
Financial Services,
GAAP,
Operational Accounting
Source:
The American Institute of Certified Public Accountants

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Overview: The Private Company Task Force conducted extensive research on the issue of private company financial reporting. This paper briefs about the task force's findings and conclusions. Generally Accepted Accounting Principles (GAAP) for private companies should be developed based on concepts and accounting that are appropriate for the distinctly different needs of constituents of that financial reporting. In addition although GAAP with exceptions and other bases of accounting are being used and are sometimes appropriate, the Task Force does not believe that these exceptions and other bases of accounting are the best response to the private company financial reporting findings identified in this study.

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Format: HTML | Date: Mar 2005 | Pages: 3

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