PCC Wants to Remove Effective Dates for New Accounting Standards

The PCC - Private Company Council is working for the elimination of the successful dates of four updates of accounting standards.

Last Friday in a meeting of the members of the Private Company Council, finally the decision has taken to ask the FASB – Financial Accounting Standards Board to eliminate the successful dates of the accounting standards updates, which are given below:

§   Accounting Standard Update No. 2014-03, (Topic 350),  Intangible assets including Goodwill and other

§   Accounting Standard Update No. 2014-03, (Topic 815),  Hedging and Derivatives

§   Accounting Standard Update No. 2014-07, (Topic 810),  Consolidation

§  Accounting Standard Update No. 2014-18,   (Topic 805), Business Combinations having Intangible Assets

The FASB – Financial Accounting Standards Board is also working with the Private Company Council to advise modifications in privately held companies’ accounting standards. The Financial Accounting Standards Board is arranging to get together in the near future to judge approval of the final agreement. The standards are mostly ones that the Private Company Council had at first requested the Financial Accounting Standards Board to make simpler for private companies.

In the same meeting, the Private Company Council talked about the Financial Accounting Standards Board’s disclosure structure assessment of income taxes, and also opposed with the Financial Accounting Standards Board’s uncertain decision to need rate settlement for private companies.

At the end of the meeting, the Private Company Council retiring chairman Billy Atkinson thanked the FASB staff, Daryl Buck FASB private company liaison and his fellow members for their great hard work over the past three years. And also the Financial Accounting Foundation trustee Mack Lawhon and Russ Golden FASB chairman in turn grateful Atkinson and the other Private Company Council members for getting the Private Company Council off to a flourishing start.