FASB endorses three PCC proposals
10 Jun 2013
The US Financial Accounting Standards Board (FASB) has voted to approve three proposed alternatives by the Private Company Council (PCC) to improve financial reporting for private companies within US Generally Accepted Accounting Principles (GAAP).
The PCC approved the proposals in May to be sent to the FASB for endorsement. The proposals approved by the PCC and endorsed by the FASB involve accounting for intangible assets acquired in business combinations, goodwill, and certain types of interest rate swaps.
The next step in the process is for the FASB to issue the three proposals as exposure drafts public comment, which is expected to occur in late June.
For its July 2013 meeting, the PCC and FASB plan to discuss the application of variable interest entity guidance to leasing arrangements between private companies under common control.
A press release is available on the FASB website.
