AccountingLink

    Private companies

    10 March 2016

    To the Point - Final guidance eliminates effective dates in PCC alternatives
    The FASB issued final guidance that eliminates the effective dates in the four private company alternatives developed by the Private Company Council (PCC) and allows private companies to forgo a preferability assessment the first time they elect each of these alternatives. It also extends the transition provisions in the alternatives indefinitely.

    16 November 2015

    Comment Letter - FASB proposal on effective date and transition guidance for existing PCC alternatives
    In our comment letter, we said we continue to support providing relief to private companies under US GAAP and believe the proposal would meet that objective by allowing private companies to forgo a preferability assessment the first time they adopt an existing Private Company Council (PCC) alternative. However, we do not believe it is necessary to add a provision indicating that private companies can forgo a preferability assessment the first time they elect to apply the simplified hedge accounting approach. We also support extending the transition guidance in the PCC alternatives indefinitely.