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.
In his first public speech since taking the helm of the FASB, Chairman Russell Golden outlined his top four priorities for the standard-setting board's future during an event on September 12 celebrating FASB's fortieth anniversary.
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.
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.
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.
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.
June 21 will likely be an important day for the FASB and the Private Company Council (PCC). That day will mark the end of a public comment period on a proposed private company decision-making framework that the FASB and the PCC are developing.
The FASB announced it would extend the deadline for comment on a staff paper that outlines an approach for deciding whether and when to modify GAAP for private companies. The deadline is now November 9.
FAF has announced the appointment of the chairman and nine members of the newly created Private Company Council, which will work with FASB to determine whether and when to modify US GAAP for private companies.
In advance of a formal decision by the FAF on a differential framework for making exceptions and modifications to GAAP for private companies, the FASB has taken steps to identify and make decisions/tentative decisions regarding current accounting standards.
The AICPA's governing council approved a resolution that sends a strong message to the Financial Accounting Foundation (FAF) recommending move to adopt the Blue Ribbon Panel on Standard Setting for Private Companies' recommendations for a separate board.
A new council with the authority to identify, propose, and vote on specific improvements to U.S. accounting standards for private companies has been proposed by the Board of Trustees of the Financial Accounting Foundation (FAF).