White paper

Q&A on the new public business entity definition

Jan 30, 2020
Audit Other accounting topics Financial reporting

Our white paper, Q&A on the public business entity definition, provides background information about the definition of a public business entity and answers commonly asked questions about the application of that definition in practice. For example, questions addressed in our white paper include the following:

  • Is a private company that is a consolidated subsidiary of a public company considered a public business entity for purposes of its own standalone financial statements?
  • Is a private company that controls a public subsidiary considered a public business entity?
  • Does a call report filed with federal financial institution regulators result in a bank being considered a public business entity?
  • Do banks with over $500 million in assets that are required to file annual audited financial statements with the Federal Deposit Insurance Corp. meet the definition of a public business entity?

Also included are questions that address specific concepts within the definition of a public business entity, such as what is considered making financial statements publicly available and what are contractual restrictions on transfer of a security.

RSM contributors

  • Rick Day
  • Ginger Buechler
    Senior Director

Subscribe to Financial Reporting Insights

Stay informed with our biweekly resource for recent financial reporting developments, including AICPA, SEC, PCAOB matters and other finance and accounting compliance considerations. Sign up today in the RSM preference center.