This week, the Private Company Council (PCC), formed by theFinancial Accounting Foundation (FAF) to work with the FASB,announced that it is moving forward in proposing alternativesto the U.S. Generally Accepted Accounting Principles (GAAP) forprivately held companies. It has tentatively proposed changing GAAPguidelines to:

  • Include two simpler approaches to accounting for certain typesof interest rate swaps when a private company intends toeconomically convert the interest rate on its debt,
  • Save private companies from having to separately recognizecertain intangible assets acquired in a business combination,and
  • Allow for amortization of goodwill and a simplified goodwillimpairment model.

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