Private company reporter: 2017 wrap-up – What you need to know for your financial statement close

Private company reporter , PwC US Dec 19, 2017

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Learn which standards are effective for private companies in 2017, and which ones you should consider early adopting this year.


This edition of Private company reporter outlines the US GAAP standards effective in 2017 and as well as those eligible for early adoption in 2017 for non-public business entities (referred to within this document as private companies). For those standards considered to be most relevant, we provide a brief summary and insight into what it may mean for your company. We also provide references to PwC publications where you can find additional information on the topics included.

Additionally, we have included a summary of the new revenue recognition standard. Although not effective for private companies until 2019, our experience with our public company client base suggests that starting early is important. Lastly, we highlight a standard-setting project nearing completion to give you an update on forthcoming guidance that is important to understand now.

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Pat Durbin
Partner, National Professional Services Group, PwC US

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