Spring 2014 issue of Horizons

the alternatives prior to deciding whether or not to elect to utilize the alternatives developed by the PCC. In an effort to help educate preparers and users of financial statements, RubinBrown is conducting seminars for both the preparer and user communities (see sidebar to the left). We are currently in the process of presenting the impact of these new developments on private company financial reporting to banks, surety companies and private equity groups. These presentations include discussions on topics such as the benefits to both the preparer and the user, differences that will be created and which companies can benefit the most. RubinBrown is currently developing a new seminar that will go into greater detail on private company financial reporting changes for both preparers and users of financial statements that will be offered spring 2014. As private company financial reporting issues will continue to evolve, RubinBrown has also developed a Private Company Financial Reporting Center within our website to keep interested parties up to date on the latest developments related to this topic. Please click on ‘Resources’ on the right-hand side of www.RubinBrown.com .

The PCC considered comments received on the Exposure Draft and concluded that the proposed guidance would not accomplish the goal of reducing the cost and complexity of preparing financial statements under current GAAP. Therefore, the PCC directed the FASB staff to conduct more research for further discussion at a future meeting. For those alternatives developed by the PCC, private companies will need to consider whether to elect to utilize the guidance outlined in final Accounting Standards Updates. While many private companies will find the alternatives quite beneficial, if it is possible that a private company may need public company financial statements at some time in the near future, the decision as to whether or not to elect the alternatives may warrant further consideration as neither the FASB nor the SEC has provided transition guidance. Considered a Public Business Entity? Entities will also need to consider whether they are considered a public business entity as newly defined by the FASB in ASU 2013- 12 or whether the users of the financial statements might object to the utilization of Future Need for Public Company Financial Statements

RubinBrown’s Assurance Services Group RubinBrown utilizes a unique, value-added approach to our audit services. The ViewPoints report focuses on understanding all aspects of your organization and enables us to evaluate the overall effectiveness of your organization.

Fred Kostecki, CPA — St. Louis Partner-In-Charge Assurance Services Group 314.290.3398 fred.kostecki@rubinbrown.com

Rodney Rice, CPA — Denver Partner Assurance Services Group 303.952.1233 rodney.rice@rubinbrown.com

David Duckwitz, CPA — Kansas City Director of Quality Control Assurance Services Group 913.499.4433 david.duckwitz@rubinbrown.com

Todd Pleimann, CPA — Kansas City Kansas City Managing Partner 913.499.4411 todd.pleimann@rubinbrown.com

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