FASB has endorsed a decision by the Private Company Council that would remove the effective dates from four GAAP alternatives for private companies.
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TOPICS / ACCOUNTING & REPORTING
Special purpose frameworks
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.
PCC’s work on private company alternatives to continue
Work by the Private Company Council (PCC) on potential GAAP alternatives for private companies is not finished.
PCC gets new leadership
Chair Candace Wright and 3 others join the Private Company Council.
PCC gets new chair, three new members
Candace Wright, who serves as a director with Louisiana CPA firm Postlethwaite & Netterville, was appointed as chair of the Private Company Council (PCC).
PCC diving into preferability
Analysis is sought on increasing access to private company GAAP alternatives.
AICPA seeks continued commitment to private companies
Letter to FAF says PCC’s work on existing GAAP is not finished.
Preferability and the private company alternatives
A FASB principle for accounting policy decisions may affect when private companies are able to elect GAAP financial reporting alternatives developed by the Private Company Council.
AICPA urges FAF to maintain momentum on private company issues
An AICPA comment letter encourages the Financial Accounting Foundation to not lose the momentum it has built in addressing accounting issues for private companies through the Private Company Council process.
PCC considers unconditional first-time option for election of alternatives
Private companies may have more flexibility to elect private company accounting alternatives as a result of a project the Private Company Council (PCC) is undertaking.
Will simpler also be better?
A number of standard setters and regulators are making efforts to reduce complexity in accounting standards and simplify financial reporting. These changes may free up finance employees from some reporting duties and allow them to focus on responsibilities that add more value to their organizations.
News highlights for March 2015
FASB issued a new GAAP alternative that is designed to make accounting for certain intangible assets acquired in a business combination less costly and less complicated for private companies.
FAF seeks assessments of Private Company Council
The Financial Accounting Foundation board of trustees issued a request for comment on the effectiveness, accomplishments and future role of the Private Company Council.
FASB, AICPA working to clarify uncertain tax position guidance
The staffs of the Financial Accounting Standards Board and the AICPA will work together to clarify guidance for certain disclosures regarding uncertain tax positions.
Application of PCC exception addressed in not-for-profit panel Q&A
Nonauthoritative guidance developed by the AICPA Not-for-Profit Entities Expert Panel addresses how a for-profit subsidiary of a not-for-profit entity can apply a private company accounting alternative related to amortization of goodwill in its stand-alone financial statements.
FASB issues private company alternative for certain intangible assets
A GAAP alternative issued by FASB gives private companies the option to elect not to recognize separately from goodwill certain intangible assets acquired in a business combination.
Financial reporting
The Private Company Council (PCC) voted 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.
Reducing unnecessary complexity remains a key focus of FASB
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
PCC approves private company GAAP exception for certain acquired intangible assets
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
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