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Year-end accounting and reporting reminders for private companies
Navigate the evolving financial landscape and align strategies with business goals
The Private Company Insights report is an invaluable annual resource designed to assist finance and accounting leaders of private companies in effectively closing the financial year.
This year’s edition focuses on navigating the accounting and reporting challenges posed by the current macroeconomic and geopolitical environment. Gain insights into potential policy shifts and regulatory changes following the 2024 US election that could affect market conditions and operational frameworks. Learn about recent updates from the FASB, private company-specific standard setting developments and changes in US GAAP that may impact non-public business entities. And understand the most relevant standards effective in 2024 and beyond, including practical insights into their adoption implications for private companies.
Strategic observations and accounting standards for private companies to consider before closing the books
- Continued Optimism and Strategic Transformation: As private companies look towards 2025, leaders remain optimistic despite ongoing macroeconomic uncertainties. The focus continues to be on leveraging technology and enhancing workforce capabilities to drive transformation. Strategic execution is key, as successful initiatives can enhance resilience, while poor implementation may lead to negative outcomes.
- Enhanced Adaptability in a Dynamic Environment: Companies are increasingly confident in their ability to navigate challenges such as supply chain disruptions, persistent inflation, high interest rates, market volatility and geopolitical tensions. These factors are expected to continue impacting financial statements, requiring careful management of accounting and regulatory complexities.
- Adoption of New Accounting Standards: Private companies should be aware of new accounting standards that are required to be adopted. These include customer contracts acquired in a business combination; common control leases; disclosure of supplier finance programs; and convertible instruments and contracts in an entity’s own equity. In addition to the standards that are required to be adopted in 2024, there are several other standards that are eligible for early adoption as outlined in the publication. Early adoption of these standards may offer strategic advantages. In addition, staying informed about FASB projects is crucial for anticipating future impacts.
- Focus on Sustainability and Risk Management: The demand for transparent sustainability disclosures has led to new reporting requirements across various jurisdictions, including the IFRS Sustainability Disclosure Standards and the European Sustainability Reporting Standards under the EU's CSRD. Companies must navigate these frameworks, along with local obligations like California's laws, to ensure compliance and build stakeholder trust, integrating sustainability into their financial strategies for long-term resilience.
We hope this publication serves as a helpful resource as you wrap up the financial reporting season and gear up for the evolving challenges and opportunities of 2025.
Build trust in a changing world
Building trust with stakeholders is crucial in an ever-changing business landscape. A quality external audit is an important aspect of building this trust, and so is staying at the forefront of emerging issues—in accounting, financial reporting, sustainability reporting, and regulatory trends. The PwC audit for private companies is the right blend of technology, people and insights, all tailored for private companies.
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