Private Company Council Discusses Accounting Overload
During its December 13 discussion on the Private Company Decision-Making Framework (“the Framework”), the Private Company Council voiced concerns about accounting compliance overload among smaller private companies. Accounting overload has gained the PCC’s attention while financial statement preparers implement key standards by the Financial Accounting Standards Board (“FASB”). The PCC wants to resolve complexities that small private companies face when preparing their financial statements. As a result, the PCC voted against a formal review of the Framework, and asked FASB staff members to produce recommendations for deciding which companies are within the scope of the Framework. Check out the Journal of Accountancy for more on the PCC’s efforts to address accounting overload for small companies.
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"
New Private Company Council Members Announced
Yesterday, the Financial Accounting Foundation’s (“FAF”) Board of Trustees appointed the following new members to the Private Company Council : Beth van Bladel, director of CFO for Hire LLC David Hirsch, vice president—finance at Pritzker Group Private Capital Richard Reisig, shareholder and technical director–attest services at Anderson ZurMuehlen & Company, P.C. Yan Zhang, partner at EisnerAmper LLP The newly appointed members will serve three-year terms effective January 1, 2017. Additionally, the FAF’s Board of Trustees reappointed Russell Golden as chairman of Financial Accounting Standards Board (“FASB”). Golden has been with the FASB since 2010, guiding the board in the issuance of major accounting standards regarding revenue recognition, leases, credit losses, and nonprofit financial reporting.. Read More.
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.
Topics: AICPA Private Companies Practice Section Technical Issues Committee, debt classification, debt liabilities, Financial Accounting Standards Board "FASB", Private companies, Private Company Council "PCC", Variable Interest Entity "VIE"
PCC Media Meeting Recap for April 12th
On Tuesday, April 12th, the Private Company Council (“PCC”) met to discuss its ongoing projects for PCC Issue 15-02: Applying VIE Guidance to Entities Under Common Control, and partnerships. The meeting also covered several Financial Accounting Standards Board (“FASB”) projects, including disclosures by business entities about government assistance and improving the equity method of accounting. The PCC Media Meeting Recap for April 12th can be downloaded from the FASB Web site.
FASB Declines Request for More Relief from Hedge Accounting Requirements
The Financial Accounting Standards Board (“FASB”) has turned down the Private Company Council’s (“PCC”) request for additional exemptions from its upcoming hedge accounting proposal. Decided on December 21st, the FASB said the PCC’s request for more relief from the proposal’s documentation requirements to justify their qualifications for specialized hedge accounting had little merit. The standard setter has already decided to simplify some of the documentation requirements. The FASB plans to publish its hedge accounting proposal in the first quarter of 2016.