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).

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