Tag Archive | Private Company Council

FASB Considers Change to PCC Alternative Adoption Rates

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 […]

Rate this:

Private Company Council Update

The Private Company Council (PCC) recently met to discuss how accounting guidance and items on the Financial Accounting Standards Board’s technical agenda would affect private companies. Topics covered in the meeting included the definition of a public business entity, private company accounting alternative effective dates, uncertain tax positions, financial instrument classification and the presentation of […]

Rate this:

2015 First Quarter Accounting Update

If the first quarter of 2015 is any indication, public and private entities will need to start preparing now for 2016 and 2017. The Financial Accounting Standards Board (FASB) released three recent accounting standards updates that have effective dates beginning on or after December 15, 2015. Additionally, further guidance is expected for fair value measurement, […]

Rate this:

Accounting Election for Acquired Intangible Assets

In late 2014, the FASB issued ASU No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination. A proposal from the Private Company Council (PCC), ASU 2014-18 provides a qualifying private company an election to record certain intangible assets as part of goodwill rather than as separately identified intangible assets, […]

Rate this:

Private Companies Given Accounting Alternatives for Acquired Intangible Assets

Private companies have a new option for the recognition of identifiable intangible assets in certain transactions. Released December 23, 2014, the Financial Accounting Standards Board (FASB) ASU No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination permits an alternative for a qualifying private company (see MHM Messenger: Private Company […]

Rate this:

Private Company Election for Business Combinations Proposed

At the September 16, 2014 meeting of the Private Company Council (PCC), a consensus was reached on the accounting for identifiable intangible assets acquired in connection with a business combination. The proposal will be discussed by the Financial Accounting Standards Board (FASB) at an upcoming meeting to determine if the proposal will ultimately be endorsed […]

Rate this:

June 16 Webinar: New Private Company Accounting Alternatives

The FASB has recently endorsed several accounting alternatives applicable to private companies, those that do not fall into one of three categories: public business entities as defined under ASU 2013-12, not-for-profit entities and employee benefit plans. These accounting alternatives, which impact the accounting for goodwill, hedging and consolidation, could significantly impact the financial statements of […]

Rate this: