The Financial Accounting Standards Board (FASB) issued three Private Company Council (PCC) proposals to allow private companies to apply alternatives under US GAAP when accounting for intangible assets in a business combination, goodwill and certain hedges involving interest rate swaps. The proposals are intended to simplify the accounting for private companies while still providing users of their financial statements with the information they need.
Learn more details and potential impact of the proposals here….. Summary of FASB’s Three Proposals for Private Companies
Also, you can view the proposals at http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1175805074609
Carl Kampel is Director in charge of professional standards at Ellin & Tucker, Chartered. He is a Member of the FASB Emerging Issues Task Force and past vice chair of the AICPA Accounting Standards Executive Committee. He is also past President of the Baltimore Chapter of Financial Executives International.