MCUL & Affiliates is also seeking comments on a proposal from FASB to revise the definition of a “public business entity” within the Master Glossary of the FASB Accounting Standards Codification. This proposed definition would exclude not-for-profit entities and certain employee benefit plans. The request for comment can be found here. Comments for this proposal are due on Sept 20.
In response to inquiries about the inconsistency and complexity of having multiple definitions of a nonpublic entity and public entity within the U.S. generally accepted accounting principles, the Financial Accounting Standards Board is proposing a definition of a public business entity.