NASHVILLE, TN (JULY 9, 2013) —The National Association of State Boards of Accountancy (NASBA) today congratulated the Financial Accounting Standards Board (FASB) on their timely release of three proposals offering acceptable alternatives under U.S. Generally Accepted Accounting Principles (GAAP) for private companies in response to stakeholder concerns.
“We applaud and congratulate the Financial Accounting Foundation (FAF) and the Private Company Council (PCC) for their efforts culminating in the recent release of these three accounting proposals for privately held companies,” said Ken L. Bishop, NASBA President and CEO. “We will continue to support the PCC as they work to continue to develop comprehensive and authoritative standards,” he added.
The three proposals introduced address accounting for intangible assets acquired in business combinations, goodwill and various types of interest rate swaps. All three properly align with the FASB and PCC’s goal to introduce acceptable GAAP alternatives to reduce preparer costs and complexity while maintaining transparency, comparability, reliability and relevance in financial reporting.
“FASB’s recent release has proven that if given a reasonable opportunity, the PCC will develop standards uniquely applicable to private companies that are authoritative and part of GAAP. We look forward to future proposals and will continue to monitor the activities of the PCC, including its accountability to serve the public interest,” said NASBA Chairman Gaylen Hansen, CPA.
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