New Guidance for Public Business Entities

Financial Institutions

January 01, 2016
by Brett Schwantes, CPA

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Brett Schwantes Brett Schwantes, CPA
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In December 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-12, Definition of a Public Business Entity.  This standard created a single definition for a “public entity” to be used for future standard setting.  Prior to this standard, public entities were defined differently for different accounting standards.

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