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FASB Notice of Open Meetings for Sept. 29-30

Per its Notice of Open Meetings , the Financial Accounting Standards Board (“FASB”) will meet tomorrow with members of the American Institute of Certified Public Accountants’ Private Companies Practice Section Technical Issues Committee to review topics of mutual interest. The meeting is scheduled to begin at 10:00 a.m. ET. Cherry Bekaert’s Melisa Galasso will be in attendance for the meeting. In addition, the FASB will meet Friday with its Private Company Council (“PCC”) to collect feedback regarding several projects on the board’s standard-setting agenda. Projects expected to be covered include improving the variable interest entities (“VIE”) guidance. Private companies consider VIE guidance a priority because it. Read More.

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Private Company Accounting Alternatives Removed

Impacting the use of private company accounting alternatives, the Financial Accounting Standards Board has issued Accounting Standards Update (ASU) No. 2016-03 . The ASU eliminates the effective dates for the following alternatives: ASU No. 2014-02, Intangibles—Goodwill and Other (Topic 350). ASU No. 2014-03, Derivatives and Hedging (Topic 815). ASU No. 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements. ASU No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination. ASU No. 2016-03 also waives the preferability assessment for the first time a private entity applies a private company accounting alternative. The amendments in ASU No. 2016-03 are effective immediately.

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