FASB to release GAAP modifications for private companies

06/17/2013 | AccountingWEB

The Financial Accounting Standards Board, in conjunction with the Private Company Council, is expected to issue three proposals to modify generally accepted accounting principles for privately held companies. "[The] decision by the FASB to endorse three PCC proposals represents significant progress in our joint effort to address concerns about the complexity and relevance of certain standards for private companies that prepare GAAP-based financial statements," FASB Chairman Leslie Seidman said in a written statement. The proposals, expected to be issued as exposure drafts later in June, pertain to intangible assets in business combinations, goodwill, and certain types of interest rate swaps.

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