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The purposes of the Update are to (a) amend the Master Glossary to include one definition of a public business entity for use in U.S. generally accepted accounting principles and (b) identify the types of organizations that would be excluded from the scope of the Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies once it is finalized. This Update will not affect existing requirements.
The definition of a public business entity will be used by the FASB, the Private Company Council, and the Emerging Issues Task Force in specifying the scope of future financial accounting and reporting guidance.
This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2013-310—Definition of a Public Business Entity, which has been deleted.
Accounting Standards Update No. 2013-12
Issued: December 23, 2013
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