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PCC’s December 4th Meeting Recap

At its meeting last week, the Private Company Council (“PCC”) reached decisions on the following matters:

  • PCC Issue 15-01— Effective Date and Transition Guidance – the PCC voted to approve the removal of effective dates and send to the Financial Accounting Standards Board (“FASB”) for endorsement.
  • PCC Issue 15-02—Agenda Paper—Applying VIE Guidance to Entities Under Common Control – The PCC voted to add this project.
  • The PCC discussed this project and provided the FASB with feedback on the following projects:
    • The disclosure framework project on income taxes.
    • The presentation of net periodic pension cost and net periodic postretirement benefit cost project.

More details can be found in the PCC December 4th Media Meeting Recap.