Private Companies Have Different Users and User Needs Than Public

question 6

Essay

Private companies have different users and user needs than public companies. As a result, many countries have decided to have a separate set of accounting standards that can be followed by private enterprises.
Required:
Describe the five different possible sets of GAAP that a country might adopt for private companies and briefly explain how each might be implemented. Discuss any advantages or disadvantages for these methods.

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Definitions:

1860 Election

The United States presidential election in which Abraham Lincoln was elected as the 16th President, leading to the secession of Southern states.

John Brown

An American abolitionist who believed in and advocated armed insurrection as the only way to overthrow the institution of slavery in the United States.

William Lloyd Garrison

A prominent American abolitionist, journalist, and social reformer in the 19th century, best known for his tireless efforts to end slavery in the United States.

Violent Action

Behavior involving physical force intended to hurt, damage, or kill someone or something.