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The balance sheet presentation requirements for private companies are largely the same as those for SEC registrants. One notable difference is the SEC rules on mezzanine equity in ASR 268, which requires presentation of certain instruments subject to redemption in mezzanine equity. While this is only applicable for SEC registrants, we strongly encourage such presentation for all reporting entities. See further discussion in FSP 5.6.3.
Other notable differences are:
  • The SEC requirement in S-X 3-01(a) that comparative statements be presented is not required for private companies. However, ASC 205-10-45-2 states that comparative financial statements are "desirable."
  • S-X 5-02 quantitative thresholds for determining which balances should be separately presented on the face of the balance sheet do not apply to private companies.
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