OUR THOUGHTS ON:

FASB Endorses Private Company Council Consensuses-for-Exposure

Audit

By Donald Applegarth

After calls for a separate Private Company Board were dismissed by the Financial Accounting Foundation (FAF), the parent company of the Financial Accounting Standards Board (FASB), it appears that the FASB is listening to the new Private Company Council (PCC).

The FASB met June 10, 2013, and endorsed the following three consensuses-for-exposure reached at the May 7, 2013, Private Company Council meeting:

  • PCC Issue No. 13-01A, "Accounting for Identifiable Intangible Assets in a Business Combination;"
  • PCC Issue No. 13-01B, "Accounting for Goodwill Subsequent to a Business Combination;" and
  • PCC Issue No. 13-03, "Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps."

The FASB expects the proposed Accounting Standards Updates to be issued before the end of June with a comment deadline of August 23, 2013.

Source: CCH

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