Private Company Council Votes To Finalize Two Private Company Standards
The Private Company Council (PCC) has voted to finalize two alternatives
within U.S. Generally Accepted Accounting Principles (GAAP) for private
companies related to accounting for interest rate swaps and,
separately, accounting for goodwill in a business combination.
alternatives would permit a private company (i.e., a nonpublic entity)
to apply simplified accounting treatments that will reduce cost and
complexity in accounting and reporting.