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Summary of the July 2015 PCC meeting

  • PCC meeting Image

Jul 22, 2015

At its meeting yesterday, the Private Company Council (PCC) discussed the effective dates of PCC alternatives; feedback from its July 14, 2015, town hall meeting on leases and simplifying the balance sheet classification of debt; the EITF’s project on cash flow statements; and the FASB’s project on business entities’ disclosures about government assistance.

Topics discussed at the meeting included the following:

  • A proposal that would give private companies “an unconditional one-time option to elect a PCC alternative without having to conduct an initial assessment to determine whether an alternative is preferable.”
  • An indefinite extension of the transition guidance for goodwill and interest rate swaps.
  • The PCC’s request that the FASB staff conduct research related to potentially (1) clarifying the application of the guidance on variable interest entities through illustrative examples and (2) reducing the guidance’s applicability to private companies by expanding the business scope exceptions.

The next PCC meeting is sched­uled for September 25, 2015.

For more in­for­ma­tion, see the media recap on the FASB’s Web site.

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