It’s crunch time for private companies on revenue recognition
Here’s what company leaders need to know about an implementation job that may be arduous.
Special purpose frameworks
FASB expands private company consolidation relief
FASB expanded an accounting alternative for private companies and changed the rules for all entities for deciding whether a decision-making fee is a variable interest.
FASB memos shed light on private company revenue recognition issues
The documents show the thinking of the board's staff on challenges preparers face.
Wright reappointed as PCC chair
Candace Wright, CPA/CFF, has been reappointed as chair of the Private Company Council (PCC), the Financial Accounting Foundation board of trustees announced.
FASB memos shed light on private company revenue recognition issues
Two FASB staff memos issued last month provide insight to private company financial statement preparers on how to overcome implementation challenges that some have encountered with the new revenue recognition standard.
AICPA committee seeks private company relief from some elements of revenue standard
An AICPA committee has asked FASB to provide relief for private companies and certain conduit debt obligors from some elements of the new revenue recognition standard.
Lenders express confidence in FRF for SMEs
Financial statements prepared in accordance with an AICPA financial reporting framework give lenders nearly as much confidence to loan capital as GAAP-based financial statements for small and medium-size businesses with low credit risk, a published study shows.
Private company accounting following a new path
FASB standard provides relief for private companies facing challenges completing hedge documentation in a timely manner.
FASB issues proposal for consolidation of VIEs
The objective is to reduce cost and complexity.
FASB issues proposal for consolidation of VIEs
A proposed ASU would give private companies an alternative for financial reporting associated with consolidation of variable-interest entities.
Golden reappointed chairman of FASB; PCC gets new members
SEC names Bricker chief accountant.
PCC seeks accounting relief for smallest private companies
The Private Company Council is encountering challenges as it advocates for the smallest private companies in FASB’s process for setting accounting standards.
FASB moves to simplify share-based payment accounting
Private Company Council concerns played a role in the revamp.
FASB standard answers timing concern for PCC alternatives
Stakeholders said that effective dates could hamper use.
FASB eliminates effective dates for private company alternatives
FASB issued a standard that eliminates the effective dates of the four private company financial reporting alternatives, making the alternatives more accessible.
Private company alternatives to become more accessible
Effective dates to be removed from PCC-originated standards.
PCC votes to remove effective dates
If endorsed, the change would create an unconditional first-time option for GAAP alternatives.
Private company alternatives to become more accessible
FASB has endorsed a decision by the Private Company Council that would remove the effective dates from four GAAP alternatives for private companies.
PCC will continue to explore GAAP alternatives
Council's advisory role to FASB will be expanded.
PCC votes to remove effective dates from GAAP alternatives
The Private Company Council reached a consensus to remove the effective dates from four Accounting Standards Updates issued in 2014 that provide GAAP alternatives for private companies.
