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1. Reducing unnecessary complexity remains a key focus of FASB   WebExclusive

BY Ken Tysiac
Taking unnecessary cost and complexity out of the U.S. financial reporting system has been a primary objective for Russell Golden since he became FASB’s chairman in July 2013.FASB plans to continue its efforts to reduce complexity—while maintaining usefulness of reporting to financial statement users—in the coming years, Golden said Tuesday during a speech at the AICPA fall Council meeting in Boston.Recent FASB efforts at simplifying financial reporting have included:Expanding the scope of Private Company Council (PCC) issues to include discussion by FASB of public company applicability in areas such as accounting for development stage entities—which resulted in

2. PCC approves private company GAAP exception for certain acquired intangible assets   WebExclusive

BY Ken Tysiac
The Private Company Council (PCC) voted Tuesday to approve a GAAP alternative that will allow private companies to elect not to separately recognize and measure certain intangible assets acquired in a business combination.Private companies that elect the alternative would not recognize:Noncompetition agreements.Customer-related intangible assets that are not capable of being sold or licensed independently from the other assets of a business.It is anticipated that customer-related intangible assets often would not meet one of the criteria for recognition.

3. No answer yet for private companies on acquired intangible assets   WebExclusive

BY Ken Tysiac
Accounting for intangible assets

4. New TPAs address changes to reports arising from PCC VIE alternative   WebExclusive

New nonauthoritative guidance issued by the AICPA addresses changes to accountants’ or auditors’ reports when a client adopts a new Private Company Council (PCC) alternative

5. TPAs address new private company accounting alternatives   WebExclusive

BY Ken Tysiac
Three new AICPA Technical Questions and Answers (TPAs) provide nonauthoritative guidance regarding application of some accounting alternatives FASB issued in January for private entities that are not classified as public business entities, as defined in Accounting Standards Update (ASU) No. 2013-12.AICPA Technical Questions and Answers (TPAs) 9150.32–.33 and 9160.29 also provide nonauthoritative guidance on how application might affect a compilation, review, or audit engagement and related reports.The accounting alternatives are included in FASB ASU No.

6. FASB issues private company VIE alternative   WebExclusive

BY Ken Tysiac
A GAAP alternative issued by FASB on Thursday will allow a private company to elect—under certain circumstances—not to consolidate variable-interest entities (VIEs) in common-control leasing arrangements.The exemption, described in FASB Accounting Standards Update No. 2014-07, Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements, is the third GAAP alternative for private companies endorsed by FASB after being created and approved by the Private Company Council (PCC), which was formed in 2012.The PCC was created by FASB’s parent organization, the Financial Accounting Foundation, to spearhead efforts to make standards less burdensome for private companies.Under the GAAP alternative,

7. FASB endorses private company VIE alternative for lease arrangements   WebExclusive

BY Ken Tysiac
FASB voted on Wednesday to endorse a GAAP alternative initiated by the Private Company Council (PCC) that will exempt private company lessees from a requirement to consolidate variable-interest entities (VIEs) in common-control leasing arrangements.The exemption will be allowed only if:The private company lessee and the lessor entity are under common control.The private company has a leasing arrangement with the lessor entity.Substantially all activity between the entities is related to the leasing activity between the lessor and the private company.Any obligation of the lessor that is being guaranteed or collateralized by the private company could, at inception of

8. PCC modifies prerequisites for private-company VIE exception   WebExclusive

BY Ken Tysiac
The Private Company Council (PCC) on Tuesday modified the criteria for private companies to be eligible for a GAAP exception it had forwarded last year to FASB—a move that could provide relief to more small businesses.The PCC in November forwarded a GAAP exception that would exempt private companies from a requirement to consolidate variable-interest entities in common-control leasing arrangements.

9. Private-company GAAP alternatives could unlock savings   WebExclusive

BY Ken Tysiac
The first two GAAP alternatives created by the Private Company Council (PCC) were released by FASB on Thursday, giving private companies new options for possible cost savings in their financial reporting. FASB released Accounting Standards Updates describing the alternatives. They are: An exemption for private companies from the requirement to annually perform impairment testing for goodwill subsequent to a business combination.

10. FASB, PCC issue rules for private-company GAAP alternatives   WebExclusive

BY Ken Tysiac
The rules for providing alternative financial reporting guidance for private companies were formally established Monday when FASB and the Private Company Council (PCC) issued their Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies.FASB also issued its definition of a public business entity, clarifying which entities are eligible for alternative guidance for private companies.The framework will assist FASB, the PCC, and the Emerging Issues Task Force in determining whether and when to provide alternative recognition, measurement, disclosure, display, effective date, or transition guidance for private companies.According to the framework, five factors
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