FASB and PCC Eliminate Effective Dates and Clarify Transition Guidance for Private Company Alternatives
Mar 08, 2016
From the Financial Reporting Network
This edition of Defining Issues reports that the FASB recently issued an Accounting Standards Update (ASU) that eliminates the effective dates for four private company accounting alternatives developed by the Private Company Council (PCC). The ASU is effective immediately, and allows a private company to elect any of the PCC alternatives at the beginning of any annual reporting period for the first time without assessing preferability.