Recap of Private Company Council’s December Meeting
At its December 8 meeting, the Private Company Council provided feedback on the following topics:
- Customer’s Accounting for Implementation, Setup, and Other Upfront Costs (Implementation Costs) Incurred in a Cloud Computing Arrangement That Is Considered a Service Contract: Council members declared that implementation costs are to be capitalized in such arrangements, except fees for a cloud computing arrangement that are considered a service contract.
- Financial Performance Reporting: Council members examined the results of Financial Accounting Standards Board (“FASB”) staff’s research on private company financial statements, and the possible impact disaggregation of performance information may have on the private company sector.
- FASB Invitation to Comment, Agenda Consultation: FASB staffers updated Council members on decisions made at the FASB’s September 20, 2017, meeting when the board reviewed the Invitation to Comment, Agenda Consultation.
The Private Company Council’s next meeting will be Friday, April 20.