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FASB’s Private Company Council

Work Set to Resume on Guidelines for Footnote Disclosures

Work Set to Resume on Guidelines for Footnote Disclosures

The FASB at its first meeting of 2015 plans to continue work on its disclosure framework project. The board wants to focus on income tax and inventory disclosure requirements. The meeting agenda also includes a discussion on the requirements for disclosures in interim financial statements. The FASB plans to discuss its project to write a […]

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Simplification Added For Private Companies With Intangible Assets

Simplification Added For Private Companies With Intangible Assets

A FASB accounting update will exempt private companies from determining the value of certain intangible assets when they buy or merge with another company. Intangible assets that can be sold or licensed independently and non-compete agreements will have to continue to be recognized. The FASB on December 23, 2014, published Accounting Standards Update (ASU) No. […]

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Definition of a Business to Stress Actions

Definition of a Business to Stress Actions

Before the FASB proceeds with a larger project to address whether nonfinancial assets should be accounted for as acquisitions or disposals of assets or businesses, the accounting board wants to clarify what it means by “business.” The board wants the definition to emphasize the activities a business must include. The FASB is attempting to clear […]

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Proposed changes for not-for-profit reporting may come in March

Proposed changes for not-for-profit reporting may come in March

Significant financial reporting changes could be in store for universities, charities, museums, and other not-for-profit groups. If the changes are adopted in a set of final amendments to U.S. GAAP, they’ll alter how not-for-profit organizations tell donors, creditors, and watchdogs how they spend and invest their money. The FASB expects in late March to propose […]

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Comments Due For Three Proposals In Early 2015

Comments Due For Three Proposals In Early 2015

Three FASB proposals have comment deadlines in the first two months of 2015. The proposed amendments to U.S. GAAP cover a revision to earnings calculations for master limited partnerships, the use of fair value accounting for some investments, and investment company disclosure rules. Three proposed amendments to U.S. GAAP from the FASB have comment deadlines […]

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Three Private Company Projects Are up for Discussion

Three Private Company Projects Are up for Discussion

The FASB plans to discuss three private company issues at its next weekly meeting. The board doesn’t plan to take action on the issues, but it will likely use the discussion to prepare for a meeting with its Private Company Council. The board also is scheduled to discuss early-stage research on pension accounting and operating […]

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Town Hall Set to Showcase Private Company Council

The FASB and its Private Company Council (PCC) are scheduled to hold a town hall in Seattle in May. The meeting is intended to allow individuals with ties to private companies to discuss the issues they face with the FASB and PCC. The FASB and Private Company Council (PCC) said they will host a town […]

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Off-Balance-Sheet Proposal for Private Companies Heads to Final Status

Off-Balance-Sheet Proposal for Private Companies Heads to Final Status

The FASB’s Private Company Council (PCC) agreed to amend U.S. GAAP to address complaints from private companies that the consolidated reporting requirements are too complex for some commonly used transactions. The PCC also decided it needs more information before continuing its work on a proposal to simplify the valuation of certain intangible assets. A proposed […]

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Financial Accounting Foundation Appoints 10 Members to Financial Accounting Standards Advisory Council

Financial Accounting Foundation Appoints 10 Members to Financial Accounting Standards Advisory Council

The Financial Accounting Foundation (FAF), the parent organization of the FASB, said on November 25, 2013, that it appointed 10 new members to the Financial Accounting Standards Advisory Council (FASAC). The members will serve one-year terms beginning January 1 and are eligible to be reappointed for three additional one-year terms. Members are chosen from a […]

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Off-Balance Sheet Proposal for Private Companies Moves Forward

Off-Balance Sheet Proposal for Private Companies Moves Forward

The FASB’s Private Company Council has forwarded to the FASB for final approval a proposal to exempt private companies from following variable interest entity guidance when determining whether to consolidate the reporting of separate entities that are technically part of their business operations. Private companies long have complained that the guidance is difficult to follow […]

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Private Company Accounting Breaks for Goodwill, Hedging Are Approved for Publication

Private Company Accounting Breaks for Goodwill, Hedging Are Approved for Publication

The FASB agreed to amend U.S. GAAP with two changes from its Private Company Council (PCC). The revised guidance will provide breaks on the accounting for goodwill impairment and for simple interest rate swaps some private companies use to secure fixed-rate loans. The FASB on November 25, 2013, approved two proposals to simplify accounting practices […]

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PCC Given Credit for Addressing Private Company Concerns

PCC Given Credit for Addressing Private Company Concerns

The FASB’s work on private company financial reporting issues has been aided by a recently formed advisory council. The accounting board’s efforts include an overall set of guidelines for private company financial statements, a plan to define which companies are eligible for private company exemptions, and the approach the board should take when writing standards […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney