Private Company Council, FASB Members Meet to Discuss Projects
Private Company Council (“PCC”) members gathered Tuesday to discuss the Financial Accounting Standards Board’s (“FASB”) ongoing projects. With FASB staff members also on hand to provide updates, the PCC provided feedback on the following matters: Financial instruments—hedge accounting. During talks on the FASB’s effort to simplify hedge accounting, the PCC asked the FASB to make a decision on whether to offer an exception for private companies when fulfilling their hedge documentation and effectiveness testing requirements. Consolidation reorganization and improvements. Several PCC members still want private companies under common control to be exempt from the variable interest entity guidance under Topic. Read More.
Topics: Consolidation (Topic 810), F, Financial Accounting Standards Board "FASB", Hedge Accounting, PCC Decision Making Framework Guide, Private companies, Private Company Council "PCC", Variable Interest Entity "VIE"
Summary of FASB’s November 30 Meeting
In addition to approving a simplified goodwill impairment test , the Financial Accounting Standards Board (“FASB”) discussed the following topics at its November 30 meeting: Nonemployee share-based payment accounting. The FASB reached decisions based on feedback from external reviewers, and instructed staff members to develop a proposed Accounting Standards Update (“ASU”) with a 90-day comment period. Conceptual framework—measurement. The FASB reached decisions on guidance for the initial carrying amount of an asset, and instructed staff members to create an updated project plan regarding the elements of financial statements alongside the presentation and measurement concepts. Issue No. 16-B, “Employee Benefit Plan Master Trust Reporting.” The FASB ratified. Read More.