Visit cpajournal.com to read the very latest from The CPA Journal
December 2017 » Private Company Accounting Standards
Full articles of The CPA Journal are available to NYSSCPA members and CPAJ subscribers ONLY. Please login to access this content.
Nonmembers and nonsubscribers, you can apply for NYSSCPA Membership here and get unlimited access to The CPA Journal, or you can create a non-member online account here and purchase individual articles.
Nicholas J. Mastracchio, PhD, CPA, and Heather M. Lively, CPA
The CPA profession has been debating the concept of separate accounting standards for closely held businesses for over 40 years. In the December 1972 Journal of Accountancy, two CPAs expressed frustration with small organizations being required to comply with GAAP requirements. In 1974, CPA Journal editor Max Block stated, “The accounting standards should not have been made mandatory to public and private companies without exception. In some instances, later exemplified, they should have been made optional to private companies.” In 1989, The CPA Journal reported that the Private Company Practice Section (PCPS) had promoted non-GAAP Other Comprehensive Bases of Accounting (OCBOA) as an alternative.
Advertising with the NYSSCPA is your opportunity to reach the greatest number of business advisors in the most important business state in the nation.
Post a resume or job listing in our Career Center to connect with hundreds of employers or job seekers.
Join 21,000+ of your peers. Apply for membership today!
Find CPE Conferences, Seminars, and Online Courses Here.
Get insight and analysis into all areas of the profession.
Content provided by and exclusively for NYSSCPA members.
Stay up to date with important NYSSCPA news.
A daily roundup of the latest from around the accounting and financial industry.
A strong PAC means a strong profession. Donate Today.
Help develop a strong network of connections.
A resource for NYSSCPA Members.
Members, Get expert answers to technical questions.
Start your career off right with an experienced mentor.
It's never too early to start thinking about your career.