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FASB proposes amendments to effective date and transition guidance in certain private-company ASUs

  • FASB document Image

Oct 01, 2015

The FASB, in coordination with the PCC, has issued a proposed Accounting Standards Update (ASU) in response to concerns raised about the effective date and transition guidance in certain ASUs that apply to private companies.

Specifically, the proposal would:

  • Remove the effective dates from ASUs 2014-02, Accounting for Goodwill; 2014-03, Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps — Simplified Hedge Accounting Approach; 2014-07, Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements; and 2014-18, Accounting for Identifiable Intangible Assets in a Business Combination. Thus, these ASUs would become effective immediately.
  • Contain transition provisions under which “private companies would be able to forgo a preferability assessment the first time they elect the accounting alternatives within [the proposal’s scope].”
  • Extend the transition guidance in ASUs 2014-02, 2014-03, 2014-07, and 2014-18 indefinitely.

Comments on the proposed ASU are due by November 16, 2015. For more information, see Deloitte's related Heads Up newsletter and the proposed ASU on the FASB’s Web site.

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