26 November 2013
Technical Line - Considerations for determining whether to elect PCC accounting alternatives
The FASB endorsed the first two accounting alternatives it will provide for private companies under US GAAP. Private companies will likely be able to use them for year-end reporting for 2013. This Technical Line tells you what to consider in determining whether and when to elect these alternatives and others developed by the PCC.
14 November 2013
To the Point - PCC votes to finalize consolidation alternative, discusses other topics
The Private Company Council modified its proposal to exempt private companies from evaluating certain common control leasing arrangements for consolidation under the variable interest entity guidance and sent it to the FASB for final endorsement. Our To the Point publication tells you what you need to know about the proposal and other topics discussed at the PCC meeting this week.
14 October 2013
Comment Letter - PCC proposal on applying variable interest entity guidance to common control leasing arrangements
In our comment letter, we said the Private Company Council’s proposal to permit private companies to avoid applying the variable interest entity (VIE) guidance to common control leasing arrangements when certain criteria are met would achieve the desired result of excluding the effects of a lessor’s financial position and operating results from a lessee’s financial statements. However, our experience suggests that the same objective may be achieved by clarifying the example in the Codification on the application of the VIE model.
3 October 2013
To the Point - Private Company Council votes to finalize proposals on interest rate swaps and goodwill
The PCC modified its proposals to allow private companies to simplify their accounting for certain interest rate swaps and to amortize goodwill acquired in a business combination and sent them to the FASB for final endorsement. If endorsed by the FASB, the proposals would be the first accounting alternatives approved for private companies under US GAAP, in an effort to reduce cost and complexity for private companies. Our To the Point publication tells you what you need to know about the proposals.
18 July 2013
To the Point - Private company framework approved, PCC proposes consolidation alternative
The Private Company Council (PCC) and the FASB voted to finalize the private company decision-making framework and the PCC approved exposure of an alternative for private companies related to the consolidation of common control leasing arrangements. Our To the Point summarizes these items and other matters discussed at the recent PCC meeting.
3 July 2013
To the Point - FASB seeks comment on three Private Company Council proposals
The FASB issued proposals that would allow private companies to apply alternatives under US GAAP when accounting for intangible assets in a business combination, goodwill and certain hedges involving interest rate swaps. The alternatives were the first developed by the Private Company Council. Our To the Point publication tells you what you need to know about the proposals.
21 June 2013
Comment Letter - Private company decision-making framework
In our comment letter, we support the use of a framework to help the Private Company Council (PCC) and the FASB make decisions about whether and when to provide alternatives for private companies under US GAAP. We believe that providing relief to private companies by using practical expedients for recognition and measurement alternatives, reducing disclosures and modifying transition requirements could help the PCC and the Board meet their objective of providing relevant information in private company financial statements in a more cost-effective manner while preserving the same fundamental basis of accounting for public and private companies.
9 May 2013
To the Point - Private Company Council proposes alternatives under US GAAP
The Private Company Council approved exposure of proposals to allow alternatives that would provide relief for private companies when (1) recognizing intangible assets in business combinations and subsequently measuring goodwill and (2) accounting for certain interest rate swaps. Any alternatives proposed by the Council must be endorsed by the FASB before an exposure draft can be issued. Our To the Point publication summarizes the proposed alternatives.
18 April 2013
To the Point - A revised framework for considering relief to private companies
The Private Company Council (PCC) and the FASB have issued an Invitation to Comment on a revised decision-making framework that they would use to consider whether and when to provide alternatives for private companies under US GAAP. Our To the Point publication summarizes the framework and highlights changes from the initial staff recommendations the FASB sought comment on in July 2012.
11 December 2012
To the Point - Private Company Council holds inaugural meeting
In its initial meeting in December, the Private Company Council asked the FASB staff to research four issues that the Council may consider in its review of whether and when to make accommodations for private companies. Our To the Point publication summarizes those issues and other matters discussed at the meeting.
7 November 2012
To the Point - Proposed non-GAAP framework could make reporting easier for SMEs
The AICPA is requesting comments on a proposed financial reporting framework for small- and medium-sized privately held entities that are not required to use US GAAP. The proposed framework is intended to be less complicated and less costly to apply than US GAAP. Our To the Point publication provides a brief overview of the framework.
31 October 2012
Comment letter - FASB staff recommendations for a private company decision-making framework
In our comment letter, we support the use of a framework to help the Private Company Council (PCC) and the FASB make decisions about whether and when to modify the requirements of accounting standards for private companies. We explain why we believe recognition and measurement generally should be the same for private and public companies, and why the Board should focus on disclosure and transition relief for private companies.
20 September 2012
To the Point - Private companies in the spotlight
Standard setters, regulators and lawmakers are focusing on how to reduce financial reporting burdens and promote capital formation for private companies. Our To the Point highlights accounting, auditing and regulatory initiatives and other projects focused on private company financial reporting.
9 August 2012
To the Point - Private companies - a framework for consideration
The FASB issued an Invitation to Comment on its staff's initial recommendations for a private company decision-making framework that would help the FASB and the new Private Company Council decide whether and when to change US GAAP financial reporting requirements for private companies. Our To the Point publication summarizes the approach described in the discussion paper.
14 June 2012
To the Point - Spotlight on private company standard setting
Improving the standard-setting process for private companies has become an area of focus on several fronts for the Financial Accounting Foundation and the Financial Accounting Standards Board. The creation of a Private Company Council and projects to develop a private company decision-making framework and to better define a nonpublic entity, reaffirm a strong commitment to private company stakeholders. Our To the Point highlights these initiatives.
6 January 2012
Comment letter - FAF proposal to establish Private Company Standards Improvement Council
Our comment letter supports the Financial Accounting Foundation’s (FAF) plan to establish a new council that would identify, propose, deliberate and formally vote on specific improvements to US accounting standards for private companies, subject to ratification by the FASB. However, we believe that the criteria for determining whether and when exceptions or substantive modifications to US GAAP for private companies are warranted must be developed judiciously to minimize the risk that the process will result in two sets of US accounting standards.
14 September 2010
Comment Letter - Blue Ribbon Panel proposal on private company accounting
This comment letter provides our views to the "Blue Ribbon" Panel on standard setting for private companies.