This paper presents a case study of the accounting practices of a company that is privately held. The company follows Generally Accepted Accounting Principles (GAAP) but has some questionable transactions. The paper then follows up with a discussion of baby-GAAP and possible consequences of two different GAAP options.
Noe, Kelly, "We Are Not Publicly Traded And So The Rules Don't Apply Or Do They Should They?" (2012). Faculty Publications. 19.