Financial Reporting for Private Businesses

Financial challenges, Big GAAP and Little GAAP
1491_ 1/28/14 -
It is technical and critical... Larry and Pat attended the Financial Executives International (FEI Colorado) monthly chapter meeting and interviewed the keynote speaker Greg Anton who is a founding partner of Anton Collins Mitchell LLP, (ACM) a Denver, Colorado based CPA firm. Greg was speaking about financial reporting for private companies and talked about two elements of business reporting. One, FASB the Financial Accounting Standards Board producing differential standards for private companies that are GAAP (Generally Accepted Accounting Principles) based. We also talked about how there are 29 million private companies in the United States and 15,000 public companies in the US. And how the financial reporting rules really are written for the 15,000 public companies. So when we have to produce GAAP based financial statements, the private company has to follow the public company rules. So the Private Company Council over at FASB is creating some small nuances and changes in the standards that are allowable for the private company to follow and still be in compliance with GAAP. In addition the AICPA has created a financial reporting framework for small businesses that don't need to produce GAAP based financial statements but they want to produce accurate reliable financial information for the managers of the business, for the business owners, the investors as well as for lenders that might lend money to the business where the active financial report information is produced in an accurate, reliable and consistent way. So the financial reporting framework itself, creates substantial changes in financial reporting and it really marries some of the GAAP principles and some of the Tax Principles on a simplified basis to create a financial reporting framework that is relevant and useful for a small private business. Really Main Street type of accounting versus Wall Street... Listen for more....
RELATED LINKS: FEI Colorado || Anton Collins Mitchell LLP || Blog || CIMCO || CIMCO Channel || Event Photos || KEYWORDS: Greg Anton, Anton Collins Mitchell LLP, Federal Executives International, FEI Colorado, Entrepreneurs, Goal Planning, Strategic Planning, Cost Structure, bytes=10372809
LISTEN TO: Greg Anton, Anton Collins Mitchell LLP

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