CPAs and Advisors with Your Growth in Mind

FASB to Meet This Morning

Per its Notice of Meetings , the Financial Accounting Standards Board (“FASB”) is expected to discuss the following projects today: The proposed Accounting Standards Update, Business Combinations (Topic 805): Clarifying the Definition of a Business. Interest income associated with the purchase of callable debt securities. The proposed Statement of Financial Concepts, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. If necessary, the FASB will conclude with an open discussion on technical projects or other administrative issues. Wednesday’s meeting will begin at 9 a.m., ET. More on the meeting can be found via FASB.org.

Topics: , , , ,

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.

Topics: , , , , , , ,

U.S. GAAP Update to Offer Accounting Alternative for Private Companies

Last month, the Financial Accounting Standard Board (“FASB”) approved a proposal that would offer private companies an easier method to adopt special accounting alternatives from U.S. GAAP. Scheduled to be published in early 2016, the proposal is in response to the Private Company Council’s (“PCC”) calls for accounting changes. In September, the FASB issued Proposed Accounting Standards Update No. PCC-15-01, Intangibles—Goodwill and Other (Topic 350): Business Combinations (Topic 805): Consolidation (Topic 810): Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance — a Proposal of the Private Company Council. The proposal eliminates the effective dates for the following accounting. Read More.

Topics: , , , , ,