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Summary of the January 2014 PCC meeting

  • PCC meeting Image

Jan 29, 2014

Yesterday, the Private Company Council (PCC) met to discuss three projects on its technical agenda and made the following decisions in regard to each:

 

ProjectNext step
Issue No. 13-01A, Accounting for Identifiable Intangible Assets in a Business Combination The PCC requested that the FASB staff continue to conduct additional research on how to define the scope of this alternative, such as an entity recognizing only intangibles that are capable of being sold or licensed independently from other assets of the business.
Issue No. 13-02, Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements The PCC finalized this accounting alternative, after refining its scope criteria, and agreed to send it to the FASB for endorsement.
Issue No. 13-03B, Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps — Combined Instruments Approach The PCC removed this project from its agenda in light of Dodd-Frank rulemaking and the recent issuance of ASU 2014-03.

In addition, the PCC and FASB discussed components of the FASB’s project on financial instruments.

The next PCC meeting is planned for Tuesday, April 29, 2014.

For more information, see the meeting recap on the FASB's Web site.

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