KPMG Comments on FASB and Private Company Council (PCC) Proposal about Effective Date and Transition Guidance
Oct 26, 2015
From the Financial Reporting Network
KPMG LLP recently commented on the FASB and PCC proposal, Effective Date and Transition Guidance, which would remove the effective dates from the four PCC ASUs and add transition provisions that would allow a private company to forgo a preferabililty assessment the first time it elects a private company accounting alternative.
KPMG supports the proposal and suggested a few enhancements to the transition guidance to clarify the reporting period in which the alternatives may first be adopted and the disclosures that are required under FASB ASC Topic 250, Accounting Changes and Error Corrections, for a change in accounting principle on initial adoption.