Accounting and Assurance 2017 Year End Update: Private Company Edition

This document is intended to summarize select assurance and accounting standard setting activities that may have an impact on 2017 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.

The Financial Accounting Standards Board (the “FASB” or the “Board”) has recently issued guidance aimed towards simplifying financial reporting requirements. To that end, many private companies may find benefit in early adopting some of the recent Accounting Standard Updates (“ASU”) for the 2017 year-end. Such ASU’s are discussed in the section “Accounting Standards Updates on the Horizon.”

Topics covered in this update include: