Accounting and Assurance Year End Update: Private Company Edition

This document is intended to summarize select accounting standard setting activities that may have an impact on 2016 year-end private company financial reporting. For the purpose of this publication, the term “private company” is used on the basis that the referenced entity is not a Public Business Entity, or otherwise would meet public company reporting requirements under U.S. GAAP.

This DHG A&A Update is intended as general information and should not be relied upon as being definitive or all-inclusive. A more comprehensive list of the changes in guidance, effective dates and transition matters can be found in DHG quarterly A&A updates.

Topics covered in this update include:

  • Recent FASB activities impacting private companies,
  • Accounting standards effective in 2016 and
  • Opportunities for simplification during the 2016 year-end close.