Accounting & Reporting Standards for Privately-Held Businesses – the FASB Needs to Step Aside….

| Audit and Accounting

By Mike Alerding     In 42 years of public accounting, I have fought the “Public vs Non-Public” battle of accounting and disclosure principles to no avail.  The FASB continually and consistently has stuck to its guns that “GAAP is GAAP” like not unlike the “Right is Right” concept.  However, regardless as to what those at the FASB believe, when it comes to reporting for closely-held businesses, Right is not always GAAP and certainly GAAP is not always RIGHT. In early June 2013, Read more [...]