NFPs won't be considered public entities under proposed FASB definition

08/7/2013 | Journal of Accountancy online

The Financial Accounting Standards Board on Wednesday issued a proposal defining a public business entity that is designed to avoid confusion over who can apply the alternatives within GAAP the Private Company Council is creating. Not-for-profits and employee benefit plans would be specifically excluded from the definition of a public business entity for the purposes of future standard setting under the proposal.

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