The primary guidance for the form and content of condensed interim financial information is Article 10, which applies to SEC registrants. Private companies that provide interim information should comply with the provisions of ASC 270 that are applicable to nonpublic companies. In addition, they may also consider complying with the provisions of ASC 270 that are applicable to publicly traded entities, as well as the form and content guidance of Article 10. Private company interim financial information should include a footnote advising that the financial information should be read in conjunction with the latest annual financial statements.
Private company interim financial reporting is often driven by bank covenants or private equity reporting requirements. Not-for-profit entities are often subject to continuing disclosure agreements in connection with tax-exempt financing, which may require the provision of interim financial information. While being mindful of the interim reporting requirements of Article 10 and ASC 270, private and not-for-profit entities should follow the specific financial reporting requirements as mandated by their bank, investor, or continuing disclosure agreements.
The following subsections discuss specific differences in disclosure requirements for private entities as compared with publicly-traded companies.

29.6.1  Accumulated other comprehensive income (private companies)

Private companies are not required to present, either parenthetically on the face of the financial statements or in a single footnote, amounts reclassified out of each component of AOCI on an interim basis. However, private companies are required to follow the reporting requirements related to AOCI during interim periods.

29.6.2  Defined benefit plans and other postemployment benefits (private companies)

Private companies are not required to provide all of the interim disclosures about defined benefit pension plans and other defined benefit postretirement benefit plans described in FSP 29.4.2. Private company disclosure requirements are as follows:

ASC 715-20-50-7

A nonpublic entity shall disclose in interim periods for which a complete set of financial statements is presented the total amount of the employer’s contributions paid, and expected to be paid, during the current fiscal year, if significantly different from amounts previously disclosed. . . . Estimated contributions may be presented in the aggregate combining all of the following:
  1. Contributions required by funding regulations or laws
  2. Discretionary contributions
  3. Noncash contributions.

29.6.3 Financial instruments not measured at fair value (private companies)

Interim disclosures for financial instruments not measured at fair value (discussed in FSP 20), but for which fair value is disclosed, are not required for entities that do not meet the Master Glossary’s definition of a publicly traded company (see FSP 29.3.3).

29.6.4  Revenue from contracts with customers (private companies)

The interim financial statement disclosures described in FSP 29.4.7 are optional for nonpublic entities.
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