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Private Company Financial Reporting
Private Company Financial Reporting Resources

When it comes to accounting, private companies have options. You may be using US Generally Accepted Accounting Principles (US GAAP), International Financial Reporting Standards (IFRS), other comprehensive basis of accounting or a special purpose framework. No matter what basis of accounting you use, MHM can help. We can provide a variety of services whether you need an attest service, such as a review, audit or compilation, or if you simply need help with an accounting or financial statement issue. On this page, you will find resources for recent changes that have occurred for the accounting for private companies.

US GAAP | Other Accounting Frameworks

US GAAP

US GAAP provides a complete accounting model to fit your needs. Not only does it provide guidance for virtually all types of transactions, it also provides foundational concepts that can be used for those unique transactions you may be involved with. The biggest recent change for private companies using US GAAP relates to the activities of the Private Company Council (PCC). The standards written by the PCC, and endorsed by the Financial Accounting Standards Board (FASB), provide accounting elections specifically allowed for qualifying private companies.

Fallback Responsive

Private Company Accounting Alternatives & Definition of a Public Business Entity

 
Amortizing Goodwill for U.S. GAAP

Amortizing Goodwill for U.S. GAAP

 
US GAAP Publications
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Other Accounting Frameworks

A private company could also use other accounting frameworks that are not US GAAP. When these frameworks are used we can provide the same types of services as for those entities using US GAAP. Examples of other accounting frameworks include:

  1. International Financial Reporting Standards
  2. Cash basis
  3. Modified cash basis
  4. Tax basis
  5. Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs)
  6. Contractual basis
Other Framework Publications
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