This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

AICPA issues Q&As related to definition of public business entity

  • AICPA (American Institute of CPAs) Image

Oct 24, 2017

The AICPA has issued a series of technical Q&As addressing the definition of a public business entity (PBE) in the “FASB Accounting Standards Codification.”

The Q&As cover the following topics:

  • Use of the terms “security,” “over-the-counter market,” conduit bond obligor,” “prepare,” “publicly available,” “financial statements,” and “periodic basis” in the definition of a PBE.
  • Types of securities included in the definition of a PBE.
  • Use of the phrase “contractual restriction on transfer.”
  • Application of the definition of a PBE when entities are in tiered organizational structures.
  • Financial statements or information filed with the SEC and related effective-date considerations.
  • ASU effective dates.
  • How financial institutions subject to certain depository regulations should evaluate the definition of a PBE.
  • Mutual depository institutions.
  • Brokered certificates of deposit.
  • Private resales.
  • Insurance companies.
  • Brokers, dealers, and futures commission merchants.

For more information, see the press release and Q&As on the AICPA’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.