The Financial Accounting Standards Board has issued for public comment three proposals to address the concerns of private companies about accounting for intangible assets acquired in business combinations, goodwill, and certain types of interest rate swaps under U.S. GAAP.
The proposals came from the Private Company Council, which was set up recently by FASB’s parent organization, the Financial Accounting Foundation, and aim to reduce the costs and complexity for preparers in valuing and accounting, while still providing useful information. FASB indicated last month that it had endorsed the proposals but did not formally release them until Monday (see FASB Backs Proposals for Simplifying Private Company Accounting).
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