Private Companies Accounting Standards

Anonymous

Question Description

This is a three parts discussion. First, how do you distinguish a private company from a public company for financial accounting purposes? Second, why would FASB be interested in private companies financial accounting standards? Third, do you think accounting education curricula should be changed to include private firms accounting standards?


Tutor Answer

Thomas574
School: Purdue University

Hello, i' m done with your task as per your instructions, all the THREE PARTS are well illustrated. On the last page I have attached all reference materials.

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PART 1
There are various differences between public and private associations, some derived from
their practices while other from statue. The general rule involves that, any association which is
not termed to be a private company is definitely termed to be a public company. The following
are some of major differences between private and public companies (Audits Of Public
Companies). Public companies have minimum share capital as compared to private ones. In most
cases, nominal values of share capital allocated to ...

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