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FASB issues three PCC proposals

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

Jul 01, 2013

The FASB has issued three proposals that intend to improve financial reporting for private companies within U.S. GAAP. The three proposals provide guidance on accounting for intangible assets acquired in business combinations, goodwill, and certain types of interest rate swaps for private companies.

On June 10, 2013, the FASB voted to endorse the three alternatives to U.S. GAAP proposed by the Private Company Council (PCC). The first proposal would modify the requirement for private companies to separately recognize fewer intangible assets acquired in a business combination. The next proposal would permit amortization of goodwill and a simplified goodwill impairment model. Lastly, the third proposal would provide an option to use two simpler approaches when converting variable-rate borrowing to a fixed-rate borrowing.

Comments on the proposals were due by August 23, 2013.

Click for (links to the FASB's Web site):

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