Disconnect between GAAP and public companies vs. private.

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• Even though accounting records go back hundreds of years, th

  In your opinion, would the user of the statements be aided if there were a distinction between financial reporting standards for public vs. nonpublic companies? Between little and big companies? b.

• Some of the major differences between i-GAAP and U.S. GAAP

  GAAP requires the balance sheet for one year, income statements and statement of stockholder's equity for 2 years, and cash flow statements for 2 years for private companies and 3 years for public companies.

• What is the relationship among GAAP, FASB, and the SEC?

  As a result, the FASB has the power to set, but not enforce, accounting standards to be used by public companies. The primary private sector standard setter is the FASB, which was established in 1972.

• Should FASB converge with IASB? How will impact auditing st

  Ownership structure (Public vs. Private) Each audit will consider GAAS to determine the audit steps and the evidence that will be collected. If the company is public, it is under the SEC's rules and the audit must be integrated.

• Standards Overload for CPA reporting on public vs nonpublic

  I feel there are too many standards, vagaries, and no distinction between private and public ones it (the process) doesn't differentiate between annual and interim statements, there isn't specifications concerning audited and unaudited companies and there

• US vs International Financial Reporting Standards

  In case of equity instruments, Under US GAAP, complex equity instruments such as puttable stock and mandatory redeemable preferred shares may qualify as equity, particularly for private companies.

• How does a company stay in compliance with financial reporting activities and applicable financial reporting standards?

  There would be a tighter focus on the public company, because public companies have more investors, and by default, a greater number of stakeholders at risk.

• Accounting standard definition of a public business entity

  GAAP for private companies. The amendment excludes all employee benefit plans from the definition of public business entity.

• Five components of pension expense; US GAAP vs IGAAP

  Briefly describe some of the similarities and differences between US GAAP and IGAAP with respect to the accounting for pensions.