Perhaps because most CFOs would rather not need to be familiar with the special accounting rules that apply in the event of bankruptcy, the standards regarding so-called “fresh-start” accounting receive relatively little attention. For management teams working through a bankruptcy, there are a number of valuation-related considerations.
On the heels of the FASB’s recent approval of certain GAAP exceptions for private companies, the FASB is re-evaluating the definition of a public company. This post summarizes the FASB proposed definition of a public company, as well as the CFA Institute’s comment letter on the topic issued October 28, 2013.
This post summarizes current accounting issues receiving regulatory scrutiny including auditor selection and independence, the challenges involved in assigning balance sheet items, including goodwill, to various reporting units, as well as other “red flags.”
Less than a year after its formation, the Private Company Council (PCC) is making progress in its initial efforts to reduce the costs and complexities of financial reporting for private companies that use GAAP.