The Financial Accounting Standards Board has issued a proposal that would exempt many private companies from applying the stringent consolidation guidance under U.S. GAAP to leasing companies under common control.
The proposal originally came from FASB’s sister organization the Private Company Council, which is also overseen by the Financial Accounting Foundation with the task of recommending alterations in accounting standards to make them less onerous for privately held companies. FASB is asking for feedback on the proposal, and stakeholders are asked to provide comments on the exposure draft for the proposed GAAP alternative, Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements (formerly FIN 46(R) and FAS 167), by Oct. 14, 2013.
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