Industry Insights

Are You a Public Business Entity? Why All Companies Need to Know

February 2015

Since the Financial Accounting Standards Board (FASB) updated the master glossary in 2013, FASB and the Private Company Council have used the definition of a public business entity (PBE) not only to identify the types of entities excluded from the scope of accounting and reporting alternatives applicable to private companies, but also in general standard-setting. As a result, every company needs to know whether it meets the definition of a PBE in order to comply with transition, effective date and even differing disclosure requirements under U.S. generally accepted accounting principles (GAAP).

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