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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. Private Company Council has VIEs on radar  

BY Ken Tysiac
Variable-interest entities (VIEs), which have long been identified as one of the most frustrating concepts in accounting for private companies, were among the four issues the new Private Company Council (PCC) identified for further study and possible agenda consideration during its initial meeting Dec. 6 in Norwalk, Conn.

4. News highlights for December 2012  

The first item of business for the Private Company Council (PCC), which will be chaired by Billy Atkinson, will be working with FASB to continue developing a framework for making decisions about whether and when U.S. GAAP should be modified for private companies. The PCC—created by the Financial Accounting Foundation (FAF) in part to propose exceptions to GAAP for private companies—will meet for the first time Dec.

5. FAF creates Private Company Council  

BY Ken Tysiac
Along-awaited structure for creating differences in U.S. GAAP for private companies was implemented May 23 when the Financial Accounting Foundation (FAF) voted to establish a new council during a meeting in Washington. The Private Company Council (PCC) will identify and vote on exceptions and modifications to U.S. GAAP for private companies.

6. Private company reporting decision could come in May, FASB chairman says   WebExclusive

BY Ken Tysiac
The Financial Accounting Foundation (FAF) trustees hope to vote on a final structure and plan for private company financial reporting at their meeting in May, FASB Chairman Leslie Seidman said Monday. In her “2012 Chairman’s Outlook on the FASB” webcast, Seidman explained the various private company initiatives being undertaken by FASB and its parent organization, FAF.

7. FASB adds project to define “nonpublic entity,” as FAF private company decision looms   WebExclusive

BY Ken Tysiac
As its parent foundation works to develop a plan on improving private company accounting standards, FASB is trying to determine which entities can call themselves nonpublic. FASB announced Wednesday that it will undertake a project to reexamine the definition of a “nonpublic entity.” The announcement is likely to be welcome news to CPAs working in the nonpublic sector, where many believe that a more consistent and clear definition of a nonpublic entity is needed.

8. FAF releases "post-implementation review" of FIN 48   WebExclusive

BY Ken Tysiac
The Financial Accounting Foundation’s first formal “post-implementation review” of a FASB standard is complete with this morning’s report that FASB Interpretation no. (FIN) 48, Accounting for Uncertainty in Income Taxes, generally achieves its purpose. According to a FAF announcement, the review concluded that FIN 48 increases relevance and comparability in reporting information about income tax uncertainties.

9. Comment period on private company reporting draws to a close   WebExclusive

BY Ken Tysiac
A comment period on private company financial statements that already has produced more than 6,500 letters has left the Financial Accounting Foundation (FAF) trustees with a lot to consider, FAF President and CEO Terri Polley said Thursday. Speaking at a North Carolina Association of CPAs meeting that was simulcast on the Web, Polley said the input has been helpful.

10. One size does not fit all  

BY Judith A. Kamnikar, CPA, Edward G. Kamnikar, CPA and Ashley Burrowes
The U.S. stakeholders—issuers, preparers, users, auditors, standard setters and others—have expressed concern over “the goodness of fit” of current FASB standards to public companies as well as approximately 28 million private companies and businesses. The “one size fits all” school of thought has dominated the FASB mentality. Private companies’ financial reporting requirements have continuously been trumped by public company issues.
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