he FASB formed the Private Company Council to provide certain alternatives in U.S. GAAP that are only available to nonpublic business entities. This course will provide insight into when adopting the accounting and financial reporting alternatives would be to the advantage of private companies.
Course ID: 2
Private Company U.S. GAAP Alternatives – When and Why Should Companies Adopt Available Simplifications
- Describe the recognition, measurement, presentation and disclosure options only available to nonpublic business entities in U.S. GAAP.
- Explain the benefits of adopting the U.S. GAAP alternatives, and the most advantageous time to do so
- Apply illustrative examples for how financial statements look different before and after application of the allowable simplifications in accordance with U.S. GAAP
- Entities permitted to adopt the U.S. GAAP simplified alternatives
- ASU 2014-03, related to “plain vanilla” interest rate swaps that convert variable into fixed rate debt
- ASU 2014-02, related to amortization and impairment of goodwill
- ASU 2014-18, related to separately recognizing intangible assets from goodwill in a business combination
- ASU 2014-07, related to not consolidating variable interest entities in common control leasing arrangements
DESIGNED FORPublic and industry accountants responsible for monitoring fair presentation of financial statements
FIELD OF STUDY