PCC Orders FASB to Conduct Further Pre-Agenda Research
After reviewing various projects the Financial Accounting Standards Board’s (“FASB”) has been working on, the Private Company Council (“PCC”) recently ordered the FASB staff to perform additional research to be discussed at a later meeting. At its Tuesday meeting, the PCC continued talks on an alternative accounting for recognizable intangible assets in a business combination however, no decisions were made. In addition, the group discussed the accounting for certain partnership transactions, and shared stakeholder involvement with the FASB regarding stock-based compensation. Other topics covered from the meeting included FASB’s financial instruments impairment accounting efforts, Emerging Issues Task Force Issue No. 12-F, “Pushdown Accounting”, and stakeholder feedback from recent town hall meetings and speaking engagements. For the full recap of the PCC meeting, click here.