State Board Report
In its first joint standard-setting activity with the Financial Accounting Standards Board, the Public Company Council, at their second meeting on February, 12, 2013, voted to seek additional public input on a proposed private company decisionmaking framework. This framework will be used for determining under what circumstances it is appropriate to adjust U.S. Generally Accepted Accounting Principles (GAAP) for private companies’ reporting requirements. Comments received as of the meeting were generally supportive of the framework, the PCC was told, but there are a couple of key issues the staff would like to have resolved. The proposal is expected to be re-exposed in the middle of March with a 90-day comment period. It will be posted on the FASB website.
The PCC’s staff was asked to develop agenda research memoranda on stock-based compensation and development stage enterprises, as well as to continue research on interest rate swaps with more than one counterparty or lending arrangement.
PCC Chairman Billy M. Atkinson will be addressing NASBA’s Western Regional Meeting on June 6, and PCC Member Diane Rubin will be addressing NASBA’s Eastern Regional Meeting on June 27, to bring the State Boards up-to-date on the work of the new body, which was formed in response to the findings of the Blue Ribbon Panel sponsored by the Financial Accounting Foundation, AICPA and NASBA (see sbr 2/11).
Three projects currently on the PCC’s agenda are: consolidating variable interest entities (Accounting Standards Codification Topic 810, Consolidation); accounting for “plain vanilla” interest rate swaps with single counterparties (ASC Topic 815, Derivatives and Hedging) and recognizing and measuring various identifiable intangible assets acquired in business combinations (ASC Topic 805, Business Combinations, and ASC Topic 350, Intangibles – Goodwill and Other).
The PCC will next meet on May 7, 2013 in Norwalk, CT. All of the PCC’s meetings are being archived on the FAF’s website.
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