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Summary of the PCC meeting

  • PCC meeting Image

Nov 13, 2013

Yesterday, the Private Company Council (PCC) met with the FASB to discuss five PCC projects and the FASB’s projects on reporting discontinued operations, definition of a public business entity, and leases.

Decisions made during the meeting include:

ProjectNext step
Issue No. 13-01A, Accounting for Identifiable Intangible Assets in a Business Combination FASB staff to conduct additional research. Project will be redeliberated at the PCC’s January 2014 meeting.
Issue No. 13-01B, Accounting for Goodwill Subsequent to a Business Combination FASB to consider endorsing an alternative standard at its November 25, 2013, meeting.
Issue No. 13-02, Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements PCC voted to finalize an alternative standard. The proposed standard will be discussed by the FASB at a later meeting.
Issue No. 13-03A, Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps Simplified Hedge Accounting Approach FASB to consider endorsing an alternative standard at its November 25, 2013, meeting.
Issue No. 13-03B, Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps Combined Instruments Approach FASB staff to conduct additional research. Project will be redeliberated at the PCC’s January 2014 meeting.

For more information, please see Deloitte's Accounting Journal Entry or a brief summary of the meeting on the FASB's Web site.

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