Public or nonpublic? FASB makes two key decisions

04/27/2012 | JournalofAccountancy.com

The Financial Accounting Standards Board on Wednesday decided that an entity that is required to file or furnish financial statements with the Securities and Exchange Commission to issue securities to be traded in a public market should not be included in the definition of a private company. Privately held financial institutions should be considered private companies, FASB decided.

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