What it is
A short-form disclosure checklist of the US GAAP topics most private companies hit: accounting policies, revenue, credit losses, leases, debt, income taxes, related parties, subsequent events and more.
It is deliberately short and not complete. It points to ASC topics; it does not reproduce the Codification. Take the wording of each requirement from the current Codification and recent ASUs.
When to use it
- Drafting or reviewing footnotes for a private company.
- As a first pass before a full commercial disclosure checklist on complex entities.
What’s inside
- Basis of presentation, going concern, risks and concentrations
- Revenue (ASC 606), receivables and credit losses (ASC 326), inventory, PP&E
- Leases (ASC 842), debt, fair value, income taxes (ASC 740, including ASU 2023-09)
- Related parties, commitments and contingencies, equity, subsequent events
- Private company alternatives and recently issued standards
Standard cited
This template follows FASB ASC. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
Is this a complete disclosure checklist?
No. It is a short-form prompt list for common private company topics. Use a complete, current disclosure checklist for complex entities, and take each requirement from the current FASB Codification.
When do the ASU 2023-09 income tax disclosures apply to private companies?
For entities other than public business entities, annual periods beginning after December 15, 2025, with early adoption permitted. Public business entities adopted for annual periods beginning after December 15, 2024.
Related templates
- Independent Auditor's Report — Unmodified Opinion (AU-C 700)
- Fixed Asset Rollforward (Excel)
- Review Engagement Letter (AR-C 90)
Last updated 11/04/2026. All free templates.