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.
Private Company Reporting
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.
FASB issued a standard that eliminates the effective dates of the four private company financial reporting alternatives, making the alternatives more accessible.
Effective dates to be removed from PCC-originated standards.
If endorsed, the change would create an unconditional first-time option for GAAP alternatives.
FASB has endorsed a decision by the Private Company Council that would remove the effective dates from four GAAP alternatives for private companies.
Council's advisory role to FASB will be expanded.
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.
Work by the Private Company Council (PCC) on potential GAAP alternatives for private companies is not finished.
Chair Candace Wright and 3 others join the Private Company Council.
Candace Wright, who serves as a director with Louisiana CPA firm Postlethwaite & Netterville, was appointed as chair of the Private Company Council (PCC).
Analysis is sought on increasing access to private company GAAP alternatives.