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New Accounting Standards Will Simplify Accounting Requirements for Many Dealers

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The Financial Accounting Standards Board (“FASB”), the rule-making body for U.S. generally accepted accounting principles (“GAAP”), has recently issued 3 accounting alternatives for non-public companies that were proposed by the FASB’s Private Company Council.  Prior to these, all companies had similar requirements, regardless of whether they were publicly traded or not.

These alternatives will help simplify accounting and financial statement reporting requirements for many dealers when issuing GAAP based financial statements. 

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