Special purpose frameworks

TOPICS / ACCOUNTING & REPORTING

December 4, 2015

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.

November 18, 2015

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.

November 1, 2015

PCC gets new leadership

Chair Candace Wright and 3 others join the Private Company Council.

August 18, 2015

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).

July 1, 2015

PCC diving into preferability

Analysis is sought on increasing access to private company GAAP alternatives.

July 1, 2015

AICPA seeks continued commitment to private companies

Letter to FAF says PCC’s work on existing GAAP is not finished.

June 1, 2015

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.

May 11, 2015

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.

May 5, 2015

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.

April 13, 2015

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.

March 1, 2015

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.

February 26, 2015

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.

February 13, 2015

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.

January 26, 2015

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.

December 23, 2014

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.

December 1, 2014

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.

October 21, 2014

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

September 16, 2014

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

July 15, 2014

No answer yet for private companies on acquired intangible assets

Accounting for intangible assets in a business combination was one of the first issues the Private Company Council (PCC) attempted to tackle in its mission to simplify accounting for private companies after it was formed in 2012. But after more than three hours of deliberation Tuesday, an answer remains elusive

April 23, 2014

New TPAs address changes to reports arising from PCC VIE alternative

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 that results in a change to a previously issued report. Private company clients can elect not to apply variable-interest entity guidance to certain common-control leasing