The Financial Accounting Standards Board issued a pair of updates Thursday to U.S. GAAP to provide alternatives for private companies on the subsequent accounting for goodwill and for interest rate swaps.
The updated accounting standards offer a simplified hedge accounting approach for certain types of swaps, along with a way for private companies to amortize goodwill on a straight-line basis for up to a decade. Both updates come out of proposals last year from the Private Company Council, which like FASB operates under the auspices of the Financial Accounting Foundation. The proposals were subsequently endorsed by FASB in November (see FASB Endorses Changes in Accounting Standards for Goodwill and Interest rate Swaps).
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access