2.9 Private Company
ASC 810-10 — Glossary
Private Company
An entity other than a public business entity, a not-for-profit entity, or an employee benefit plan within the
scope of Topics 960 through 965 on plan accounting.
If certain criteria are met, a reporting entity that meets the definition of a
private company can elect the accounting alternative in ASC 810-10-15-17AD and not
apply the VIE guidance to legal entities under common control. See Section 3.5 for details.