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1. 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.

2. 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,

3. 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

4. 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.

5. 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.

6. 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

7. Private company VIE exception approved by PCC   WebExclusive

BY Ken Tysiac
A GAAP exception approved Tuesday by the Private Company Council (PCC) would exempt private companies from applying consolidation guidance for variable-interest entities (VIEs) under common-control leasing arrangements.Some changes were made from the original proposal, as the PCC struggled with concerns over the definition of “common control” and other issues.

8. Private company initiatives making progress   WebExclusive

BY Ken Tysiac
David Morgan, CPA/PFS, said members of the Tennessee Bankers Association seemed pleased earlier this fall after he gave a presentation about the features of the AICPA’s Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs).“Once … it was explained to them, that it was a good alternative, they seemed to be very accepting of it,” Morgan said last week during a telephone interview.Banks, other financial statement users, and small businesses are among the primary targets for education about the FRF for SMEs, Morgan explained during a presentation Monday at the AICPA governing Council meeting.The framework

9. PCC to ask FASB to endorse first private company GAAP exceptions   WebExclusive

BY Ken Tysiac
The Private Company Council (PCC) on Tuesday approved its first GAAP exceptions for private companies and will forward them to FASB for final endorsement.If FASB endorses the exceptions, they will be written into GAAP. These would be the first GAAP exceptions approved by the PCC, which was formed last year by FASB’s parent body, the Financial Accounting Foundation, in part to create exceptions and modifications to GAAP for private companies.The exceptions approved by the PCC would:Allow private companies to choose a simplified hedge accounting approach to their financial reporting when they enter into interest rate swaps to

10. New option a game changer for private companies   CPEDirect

BY Robert Durak, CPA, CGMA
Main Street businesses now have a new option for non-GAAP financial reporting. The AICPA Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) was created to answer demands of CPAs, small business owners and managers, and their bankers and other stakeholders. The accounting framework is designed to offer: - A unique alternative in non-GAAP reporting; - Relevant, cost-effective, simplified financial statements; and - Tailored, meaningful financial reporting for smaller businesses.
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