The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

AICPA releases report on GAAP for private companies in the US

The American Institute of Certified Public Accountants (AICPA) has released a report from its Private Company Financial Reporting Task Force recommending changes to the Generally Accepted Accounting Principles (GAAP) for private companies. The task force conducted extensive research and based its conclusions on the input of more than 3,700 responses from those impacted. In response to the task force's findings, AICPA, Financial Accounting Foundation (FAF) and Financial Accounting Standards Board (FASB) have agreed to work together to explore possible changes to GAAP for private companies.  

  1. Whether the general purpose financial statements for private companies, prepared in accordance with GAAP meet the financial reporting needs of constituents of that report; and whether

  2. The cost of providing GAAP financial statements is justified compared with the benefits they provide to private company constituents.

The report concludes that a majority of the constituencies believe it would be beneficial if the GAAP reporting were different for private companies. The task force also unanimously recommended that a process be established to evaluate potential changes to GAAP in order to improve the usefulness of private company financial reporting.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree