CFO Edge Logo
  Home > Resources > Simplifying Private Company Accounting Article  
     
 

The Latest Efforts to Simplify Accounting for Small, Privately Held Companies

 
  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
   
  Open as PDF Open the entire article as a PDF  
     
  Article Summary  
The Private Company Council recently finalized a proposal that would make changes to GAAP to help simplify the private company accounting treatment for intangible assets acquired in business combinations, goodwill, variable interest-rate entities, and certain types of interest rate swaps.

The Financial Accounting Standards Board is currently considering the PCC proposal, and if endorsed, it will be issued as final Accounting Standards Updates to take effect for the period beginning after December 15, 2014.

This article looks at the "Big GAAP" vs. "Little GAAP" context for these developments, the elements of the PCC proposal, and also developments around the AICPA's new Financial Reporting Framework that gives small and medium-sized entities the option of adopting a more simplified and less costly method of presenting financial statements to stakeholders.

Owners and executives at private Los Angeles and Southern California businesses may want to consider talking with a CFO services professional to help determine how these developments might impact their companies’ accounting functions.

  Open as PDF Open the entire article as a PDF  
     
Subscribe to CFO Inside Edge

Our monthly newsletter delivers first notice of new white papers and articles plus remarks on performance challenges and solutions. View past issues and subscribe.

 
 
 
CFO or Controller: What's Right for Your Business?
White Paper
CFO or
Controller:
What's Right
for Your
Business?
Outsourced CFO Services
White Paper
Outsourced
CFO Services
Performance Measurement
White Paper
Performance Measurement
Strategic Planning & Forecasting
Brief
Year-End Strategic Planning & Forecasting
Planning a Business Exit White Paper
White Paper
Planning a
Business Exit
 
CFO Edge Blog CFO Edge on Twitter CFO Edge on LinkedIn
 
Intuit Certifications