Topic 8: Accounting and financial issues related to privately held companies Name Course Instructor Date Introduction There been concerns on whether to rely on different standards compared to public companies, the U.S GAAP and the place of convergence in financial reporting for the private entities. Even when accountants deal with the same financial information it is possible to have different financial statements from the same data and information. This includes the information prioritized in the footnotes. The U.S. GAAP tends to be more industry specific, but there is no agreement whether to rely on the common standards between the IFRS and GAAP. The private held companies are not required to follow the stringent accounting rules, but there is less clarity on what is to be considered principles or rules since there is insistence on having differential standards. This paper highlights the accounting and financial issues concerning privately held companies. Complexity in reporting In setting the standards to govern t