Accounting Standards Update: Going Concern Disclosures

Traditionally under GAAP, financial statements are prepared using the going concern basis of accounting. This basis of accounting operates under the presumption that the reporting organization will continue to operate as a going concern (except in limited circumstances). Ultimately, this basis of accounting is critical to financial reporting because it establishes the fundamental basis for …

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Big GAAP vs. Little GAAP – The Proposed Verdict is In!

As a follow up to the September 20th posting “Big GAAP vs. Little GAAP – Where are we at?” the Financing Accounting Foundation’s (FAF) Board of Trustees released its proposed plan last week to address constituents concerns over the standard-setting process for private companies.  The proposed plan calls for the establishment of a “Private Company …

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