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FASB Includes Banks in 'Private Company' Definition

Posted on 5/1/2012

The Financial Accounting Standards Board last week agreed to include privately held financial institutions, including privately held banks, in its definition of a private company.

The decision, which can potentially affect a majority of banks, is part of FASB's effort to review and possibly reduce burdensome reporting requirements for private enterprises.

Reducing the fair-value disclosures burden for private companies -- which ABA has long supported -- is a key area FASB is currently addressing. The board is expected to issue a proposal sometime this year.

Although FASB still must address certain issues in defining "private," the board excluded from the private-company definition entities that are required to file financial statements with the Securities and Exchange Commission for purposes of issuing securities in the public market

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