The FASB formed the Private Company Council to provide certain alternatives in U.S. GAAP that are only available to nonpublic business entities, with limited exceptions for certain nonprofits. This course will provide insight into when adopting the accounting and financial reporting alternatives would be to the advantage of private companies.
Learning Objectives
Upon completion of this course, participants will be able to:
List the recognition, measurement, presentation and disclosure options only available to nonpublic business entities in U.S. GAAP.
Explain the benefits of adopting the U.S. GAAP alternatives, and the most advantageous time to do so
Apply illustrative examples for how financial statements look different before and after application of the allowable simplifications in accordance with U.S. GAAP
