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FASB endorses three PCC proposals

  • FASB (US Financial Accounting Standards Board) Image
  • PCC (Private Company Council) (mid blue) Image

Jun 10, 2013

The FASB has voted to approve three proposed alternatives by the Private Company Council (PCC) to improve financial reporting for private companies within U.S. GAAP.

The PCC approved the proposals in May to be sent to the FASB for endorsement. The proposals involve accounting for intangible assets acquired in business combinations, goodwill, and certain types of interest rate swaps.

The next step is for the FASB to issue the three proposals as exposure drafts for public comment, which is expected to occur in late June.

For their July 2013 meeting, the PCC and FASB plan to discuss the application of variable interest entity guidance to leasing arrangements between private companies under common control.

A press release is available on the FASB's Web site.

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