The Private Company Council held its inaugural meeting on Thursday to discuss how accounting standards should be adjusted for privately held companies.

During the meeting, the PCC, which will take over the work of the Private Company Financial Reporting Committee, identified four areas to research for agenda consideration: consolidation of variable interest entities; accounting for “plain vanilla” interest rate swaps; accounting for uncertain tax positions; and recognizing and measuring, at fair value, various intangible assets (other than goodwill) acquired in business combinations. The meeting took place in the offices of the Financial Accounting Foundation and the Financial Accounting Standards Board in Norwalk, Conn.

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