The Financial Accounting Standards Board (FASB) is researching whether private companies should be able to make an unconditional first-time election of private company accounting alternatives. Members of the FASB’s Private Company Council (PCC) say that the election would reduce the complexity and diversity that exists in current practice.
The PCC discussed the unconditional election along with the proposed accounting alternatives to share-based payments, and other recent projects of the FASB. No final decisions were reached, but the FASB agreed to conduct further research into the agenda topics.
Learn more about recent PCC discussions in this MHM Messenger.