Spousal Equivalent
I doubt that there will ever be a standard accepted definition and as noted by Matthew in his post the AICPA definition is pretty vague. Dictionary.com also has a similar definition to Free Dictionary stating spousal equivalent requires cohabitation and a long-term sexual relationship. If I were a member of PCAOB and I had to define a spousal equivalent I would use similar key words including the cohabitation and relationship, but again, as noted by Matthew there is a need for set parameters regarding specific time frames. A specific defined length of time would be required for individuals to be considered spousal equivalents. Common law marriage came up during several searches regarding spousal equivalent and I would agree that it is probably the closest definition. It lays down specific rules regarding cohabitation and that the couple involved would have to be publicly open about their marriage, regarding spousal