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Accounting & Audit Alert February 2014


 

RubinBrown's Accounting & Auditing Alert is published monthly to inform our clients and contacts about relevant technical accounting and audit-related information.


FASB And PCC Issue Private Company Framework


As part of their ongoing commitment to consider the needs of users and preparers of private company financial statements, the Financial Accounting Standards Board (FASB) and the Private Company Council (PCC) have issued the Private Company Decision-Making Framework (Guide).

FASB Issues Definition Of Public Business Entity 


The FASB has issued Accounting Standards Update (ASU) 2013-12, Definition of a Public Business Entity: An Addition to the Master Glossary

FASB Issues Final Accounting Guidance For Low Income Housing Tax Credit Investments


The FASB has issued ASU 2014-01, Investments – Equity Method and Joint Ventures (Topic 323) – Accounting for Investments in Qualified Affordable Housing Projects.

FASB Issues Accounting Standards Update For Private Companies Related To Goodwill


The FASB has issued an update to GAAP that provides an alternative for private companies on accounting for goodwill.  This ASU had been proposed by the PCC and subsequently endorsed by the FASB. 

FASB Issues Accounting Standards Update For Private Companies Related To Interest Rate Swaps


The FASB has issued an update to GAAP that provides an alternative for private companies on accounting for certain interest rate swaps.  This ASU had been proposed by the PCC and subsequently endorsed by the FASB. 

 

Readers should not act upon information presented without individual professional consultation.