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Summary of the April 2014 PCC meeting

  • PCC meeting Image

Apr 30, 2014

Yesterday, the Private Company Council (PCC) met with the FASB to discuss (1) accounting for identifiable intangible assets in a business combination, (2) the definition of a public business entity, and (3) stock-based compensation.

Specifically, the PCC:

  • Continued redeliberating its project on accounting for identifiable intangible assets recognized in a business combination (a project that could reduce the number of intangibles separately recognized in a business combination) but did not reach any tentative decisions. The PCC directed the FASB staff to research this topic further.
  • Added a project to its agenda to consider the implications of superseding certain definitions in the Accounting Standards Codification with the new definition of a public business entity; this could affect the scope of certain existing U.S. GAAP requirements, such as those related to segment reporting.
  • Directed the FASB staff to conduct preagenda research on stock-based compensation.

Other topics discussed at the meeting included the FASB’s projects on going concern and leases.

The PCC will host a town hall meeting on May 8, 2014, to discuss the above topics and request feedback on future agenda items. The next PCC meeting is scheduled for July 15, 2014.

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

Correction list for hyphenation

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