PCC

A&A

FASB Issues GAAP Variable Interest Entity Alternative

An accounting alternative that was issued by the Financial Accounting Standards Board (FASB) on March 20 would – if certain conditions are met – exempt private companies from applying VIE guidance to lessors under common-control leasing arrangements.
A&A

FASB Backs Variable Interest Entity GAAP Alternative

The Financial Accounting Standards Board (FASB) on February 19 green-lighted an accounting alternative that would exempt many private companies from applying variable interest entity guidance to lessor companies under common-control leasing arrangements if certain conditions are met.
A&A

Print Version of FASB Codification Updated

The Financial Accounting Foundation announced on January 21 that is has updated the four-volume print edition of the Financial Accounting Standards Board "Accounting Standards Codification" – recognized as the authoritative source of US GAAP for public and private companies and not-for-profit organizations.
A&A

FASB Makes Tweaks to Goodwill, Interest Rate Swap Standards

The Financial Accounting Standards Board (FASB) on January 16 issued updates for two accounting standards – one on goodwill and the other on interest rate swaps – both of which FASB Chairman Russell Golden said address issues that “private company stakeholders have told us are priorities.”
A&A

Final US GAAP Framework for Private Companies Issued by FASB and PCC

The Financial Accounting Standards Board and the Private Company Council on December 23 issued a final decision-making framework for users and preparers of private company financial statements.
A&A

FASB OKs Standards on Goodwill and Interest Rate Swaps

The FASB endorsed two standards – accounting for interest rate swaps and accounting for goodwill in a business combination for private companies – that were finalized PCC last month.
A&A

PCC Finalizes Standard on Variable Interest Entity Guidance

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.
A&A

PCC Finalizes Two GAAP Standards for FASB to Endorse

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&A

FASB OK'd Exposure Draft on Development Stage Entities

The FASB voted on September 11 to approve issuing an exposure draft containing proposals for improving financial reporting about public and private development stage entities.
A&A

FASB and PCC Finalize GAAP Framework for Private Companies

A decision-making framework that outlines criteria to determine whether and in what circumstances it is appropriate to adjust financial reporting requirements for private companies following US GAAP was finalized by the FASB and the PCC on July 16.
A&A

NASBA and AICPA Reconcile Differences on FRF for SMEs

The NASBA and the AICPA have put aside their differences regarding the non-US GAAP financial reporting framework the AICPA introduced last month, and they have teamed on a decision-making tool that will help small businesses decide whether the framework is right for them.
A&A

FASB Issues Three PCC Proposals for Public Comment

The FASB on July 1 issued for public comment three accounting proposals from the PCC in response to concerns raised by private company stakeholders about the complexity of certain aspects of US GAAP.
A&A

NASBA Advises Private Companies Not to Use AICPA Framework

Stating that it would "significantly weaken the financial reporting of private companies," NASBA is recommending to privately held businesses that they not use the FRF for SMEs that was introduced by the AICPA June 10.
A&A

Three Private Company Accounting Proposals Backed by FASB

The FASB on June 10 endorsed three accounting proposals from the Private Company Council in the hopes of addressing concerns raised by stakeholders about the complexity of certain aspects of US GAAP for privately held companies.
A&A

Newly Created PCC to Hold First Public Meeting

The Private Company Council, a new body created by the Board of Trustees of the Financial Accounting Foundation, will host its inaugural public meeting December 6, 2012, at the FAF offices in Norwalk, Connecticut.
A&A

FASB Update on Private Company Framework

A recent webcast presented by the FASB reviewed key areas of the “Private Company Decision-Making Framework – A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies” staff paper.
A&A

FAF Requests Nominations for New PCC

On June 1, the Financial Accounting Foundation Board of Trustees issued a request for nominations for candidates to serve on the new Private Company Council.