[art vandalay]

This may be a silly question, but what is considered private accounting? Is it working for a corporation, or is it any accounting that is not public accounting. I have been in public as a staff accountant for 2 plus years, but am curious about jumping to private once I pass the exam. What are my options? Thanks!

[Anonymous]

private is you work for a company and deal with the internal accounting of the business, as opposed to public, you do accounting for various clients

[Anonymous]

private is you work for a company and deal with the internal accounting of the business, as opposed to public, you do accounting for various clients

[Anonymous]

What he ^ said. The other designation is government, which of course is for governments…and non-profit is usually separated out, too, though I think technically it's private accounting.

[Anonymous]

What he ^ said. The other designation is government, which of course is for governments…and non-profit is usually separated out, too, though I think technically it's private accounting.

[jeff]

I consider private to be working for a non-publicly traded company. You have public, industry, and private.

I've worked for all 3 types.

Not that my definition is necessarily right – that's just my definition.

[jeff]

I consider private to be working for a non-publicly traded company. You have public, industry, and private.

I've worked for all 3 types.

Not that my definition is necessarily right – that's just my definition.

[Anonymous]

@Jeff So you would define “industry” as “workly directly for a publicly traded corporation”? I wasn't sure if/what the differentiation was between “industry” and “private” – kinda thought it was 6 of one, half dozen of the other. My best theory was that “industry” referred to the manufacturing side of things, whereas “private” was more all-inclusive of anything other than working for an accounting firm.

[Anonymous]

@Jeff So you would define “industry” as “workly directly for a publicly traded corporation”? I wasn't sure if/what the differentiation was between “industry” and “private” – kinda thought it was 6 of one, half dozen of the other. My best theory was that “industry” referred to the manufacturing side of things, whereas “private” was more all-inclusive of anything other than working for an accounting firm.

[KADFC]

I always thought private accounting meant working for one company and doing only their accounting. Like, you work for Safeway's, McDonald's, Boeing's internal accounting, etc… You stick with one company, and only serve them.

Public accounting should be all accounting firms that do work for other companies/public (aka clients). Their job is mainly audit and taxation of those clients. On top of that, they have great flexibility of what kind of service they provide.

As for government and NPO, they get their own category, but public accounting can still provide service for them. A different set of rules govern them, but closely the same.

FAR - 62 (10/2/13), 50 (5/30/14)
AUD - 73 (10/30/13), 66 (5/6/14)
REG - 69 (4/8/14)
BEC - 66 (2/27/13), 73 (4/21/14)

[KADFC]

I always thought private accounting meant working for one company and doing only their accounting. Like, you work for Safeway's, McDonald's, Boeing's internal accounting, etc… You stick with one company, and only serve them.

Public accounting should be all accounting firms that do work for other companies/public (aka clients). Their job is mainly audit and taxation of those clients. On top of that, they have great flexibility of what kind of service they provide.

As for government and NPO, they get their own category, but public accounting can still provide service for them. A different set of rules govern them, but closely the same.

FAR - 62 (10/2/13), 50 (5/30/14)
AUD - 73 (10/30/13), 66 (5/6/14)
REG - 69 (4/8/14)
BEC - 66 (2/27/13), 73 (4/21/14)

[Anonymous]

i always thought industry and private were the same. im at an NPO and i think it goes under those categories as well

[Anonymous]

i always thought industry and private were the same. im at an NPO and i think it goes under those categories as well

[Author]

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