At its inaugural meeting last week, the Private Company Council (PCC)—newly created by FASB’s parent, the Financial Accounting Foundation, to improve the standard-setting process for private companies—identified four areas to research “for agenda consideration,” according to a release. The areas focus on:
- Consolidation of variable interest entities;
- Accounting for “plain vanilla” interest rate swaps;
- Accounting for uncertain tax positions; and
- Recognizing and measuring, at fair value, various intangible assets (other than goodwill) acquired in business combinations.
“These four areas are often top-of-mind for users, preparers, and auditors of private company financial statements,” said PCC chair Billy Atkinson. “We are eager to review the research, and we look forward to discussing the issues in more detail at our next meeting in February.”
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