Private companies are experiencing overload as they implement complex new accounting standards, according to the AICPA Private Companies Practice Section’s Technical Issues Committee.
Private Company Reporting
Private companies implementing new lease accounting rules can expect a complex transition and a substantial financial statement impact.
The elimination of the effective date for FASB’s private company GAAP alternatives means it’s never too late to take advantage of these accounting simplifications. Each alternative may offer substantial relief and cost savings for private companies as they perform their accounting.
Private company exceptions may see wider use.
The guidance supersedes the 2014 private company exception.
An Accounting Standards Update affects accounting for sales and similar taxes, certain lessor costs and certain requirements related to variable payments in contracts.
Here’s what company leaders need to know about an implementation job that may be arduous.
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.
The documents show the thinking of the board's staff on challenges preparers face.
Candace Wright, CPA/CFF, has been reappointed as chair of the Private Company Council (PCC), the Financial Accounting Foundation board of trustees announced.
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.
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.
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.
FASB standard provides relief for private companies facing challenges completing hedge documentation in a timely manner.
The objective is to reduce cost and complexity.
A proposed ASU would give private companies an alternative for financial reporting associated with consolidation of variable-interest entities.
SEC names Bricker chief accountant.
The Private Company Council is encountering challenges as it advocates for the smallest private companies in FASB’s process for setting accounting standards.
Private Company Council concerns played a role in the revamp.
Stakeholders said that effective dates could hamper use.