New accounting guidance intended to increase transparency and consistency of financial reporting about consolidations was agreed upon by members of the standard-setting board on Wednesday. The final standard will be released in the coming months.
On November 12, the Private Company Council voted to finalize an alternative standard on variable interest entity guidance for private companies, which will be submitted to the FASB for a final decision on endorsement.
Two alternatives within US GAAP – accounting for interest rate swaps and accounting for goodwill in a business combination for private companies – were finalized by the PCC during a meeting on October 1.
A proposal that defines a public business entity was issued by the Financial Accounting Standards Board (FASB) on August 7. The FASB is encouraging stakeholders to review and provide comments on the proposal by September 20.
The FASB published a new accounting standards update on July 8 that defers indefinitely certain disclosures about investments held by nonpublic employee benefit plans in their plan sponsor's own nonpublic equity securities.
On June 26, 2013, the Financial Accounting Standards Board (FASB) issued a proposal intended to improve disclosures of uncertainties related to an organization's ability to continue as a going concern.