The Financial Accounting Standards Board has endorsed three proposals from the Private Company Council that would simplify the accounting for privately held companies.
The Private Company Council was established last year in response to demands to ease the requirements for private company accounting. Like FASB, the PCC operates under the auspices of the Financial Accounting Foundation. Last month, it issued a set of proposals to modify specific U.S. GAAP accounting standards for private companies, involving accounting for intangible assets acquired in business combinations, goodwill, and certain types of interest rate swaps (see Council Proposes Accounting Standards Modifications for Private Companies).
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