The Private Company Council (PCC) has voted to remove the effective dates from the four accounting standards updates that it has created to provide GAAP alternatives for private companies. This action would permit private companies to forgo a preferability assessment the first time they elect the accounting alternatives contained in those updates. The four standards containing GAAP alternatives for private companies include: Accounting Standards Update (ASU) No. 2014-02, Intangibles—Goodwill and Other (Topic 350); ASU No. 2014-03, Derivatives and Hedging (Topic 815); ASU No. 2014-07, Consolidation (Topic 810); and ASU No. 2014-18, Business Combinations (Topic 805).

The PCC also added a project on variable interest entities to its agenda. For a good 2015 wrap-up of PCC developments prepared by PwC, click here.