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.
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: Accounting Standards Update "ASU", Business Combinations (Topic 805), Derivatives and Hedging (Topic 815), Financial Accounting Standards Board "FASB", Private Company Council "PCC", U.S. GAAP