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Tuesday, May 1, 2012

FASB Includes Banks in 'Private Company' Definition

The Financial Accounting Standards Board (FASB) has included privately held financial institutions, including privately held banks, in its definition of a private company. The decision, which can potentially affect a majority of banks, is part of FASB's effort to review and possibly reduce burdensome reporting requirements for private enterprises.

Reducing the fair-value disclosures burden for private companies -- which ABA has long supported -- is a key area FASB is currently addressing. The board is expected to issue a proposal sometime this year.

Although FASB still must address certain issues in defining “private,” the board excluded from the private-company definition entities that are required to file financial statements with the SEC for purposes of issuing securities in the public market.

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