The American Institute of CPAs has issued new technical practice aids to help accountants dealing with recent changes by the Financial Accounting Standards Board stemming from recommendations from the Private Company Council.

Last month, FASB issued Accounting Standards Update No. 2014-07 to amend the Accounting Standards Codification to provide an elective accounting alternative for private companies in applying variable interest entity guidance to lessor entities under common control (see FASB Eases Variable Interest Entity Requirements for Private Companies).

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