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COVID-19’s Impact on New England Private Companies: Survey Results
Posted by Tarra Curran and Larry Kaplan on Tue, Jul 21, 2020 @ 11:59 AM

Over the last few months, we have seen unparalleled uncertainty in the economy and for companies across the world. In response, we conducted a survey to measure the pulse of financial leaders of private companies in New England as they react to the COVID-19 pandemic.

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Topics: Tarra Curran, Larry Kaplan, private companies, private company, survey, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act

Delays May Be Coming for Private Company Adoption of Lease Accounting and Other Standards
Posted by Patrick Quinn on Mon, Sep 23, 2019 @ 03:36 PM

Private companies, not-for-profit organizations, and smaller reporting companies received welcome news recently when it comes to adopting complex accounting standards. The Financial Accounting Standards Board (FASB) issued two proposals  that would delay the effective date for major accounting changes: one that affects lease accounting, current expected credit loss (CECL), and hedge accounting and a second that affects long-term insurance contracts.

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Topics: private companies, Patrick Quinn, lease accounting changes, Lease Standards, leasing standard, Leases

Important Revenue Recognition Questions as the Private Company Deadline Draws Closer
Posted by David Lewin on Tue, Jun 26, 2018 @ 04:13 PM

As the effective date of the new revenue standard draws nearer and implementation becomes imminent for non-public entities within its scope, management should be aware of some important areas that their auditors will be focusing on in the upcoming months.

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Topics: private companies, private company, FASB, Revenue recognition, David Lewin, Financial Accounting Standards Board, ASC Topic 606, Revenue from Contracts with Customers

Private Companies Given Accounting Alternatives for Acquired Intangible Assets
Posted by John Cronin on Tue, Sep 29, 2015 @ 10:46 AM

Private companies have a new option for the recognition of identifiable intangible assets in certain transactions. Released December 23, 2014, the Financial Accounting Standards Board (FASB) ASU No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination permits an alternative for a qualifying private company to not record or measure certain intangible assets that would otherwise be required to be recorded at fair value as part of the following transactions:

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Topics: accounting, John Cronin, private companies, intangible assets

FASB Releases Simplification for the Accounting for Goodwill for Private Companies
Posted by Patrick Quinn on Thu, Mar 27, 2014 @ 09:02 AM

In January 2014, the FASB released Accounting Standard Update 2014-02 Intangibles – Goodwill and Other (Topic 350): Accounting for Goodwill (ASU 2014-02). ASU 2014-02 is the first standard issued by the Financial Standards Accounting Board (FASB) upon endorsement of a consensus of the Private Company Council (PCC) that is specifically designed to meet the needs of private companies by providing an alternative within US GAAP.

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Topics: private companies, FASB, Patrick Quinn

Accounting for Certain Interest Rate Swaps for Private Companies Simplified
Posted by Joyce Masse Troy on Wed, Mar 19, 2014 @ 08:35 PM

In January 2014, the FASB released Accounting Standard Update 2014-03 Derivatives and Hedging (Topic 815): Accounting for Certain Receive – Variable, Pay – Fixed Interest Rate Swaps (ASU 2014-03). ASU 2014-03 is the second standard issued by the FASB upon endorsement of a consensus of the Private Company Council that is specifically designed to meet the needs of private companies by providing an alternative within US GAAP.

The Issue

Companies that are unable to borrow at fixed rates often rely on variable-rate debt combined with an interest rate swap. In effect, they receive variable rates and pay fixed rates. The net effect is similar to borrowing at fixed rates. But the accounting and disclosure requirements are considerably more complex when an interest rate swap is involved.

Current accounting standards require companies to recognize all their derivative instruments (including interest swaps) on their balance sheets as assets or liabilities and to measure them at fair value. The standards allow companies to mitigate the income statement effect of any swings in fair value attributable to interest rate risks by applying an accounting method known as "cash flow hedge" accounting. This technique has the effect of presenting interest expense in the income statement as if the company had a fixed rate debt. But some entities, especially private companies, have expressed concerns about the practical difficulties involved in applying the current standards.

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Topics: private companies, private company, Joyce Masse Troy, FASB

Paving the Road to Private Company GAAP
Posted by Kristen Shepley on Tue, Jul 10, 2012 @ 09:22 AM

Making GAAP Relevant

Recently, the Financial Accounting Foundation (FAF) approved the creation of the Private Company Council (PCC).  The PCC will vote on exceptions and modifications to U.S. Generally Accepted Accounting Principles (GAAP) that better meet the needs of private companies, paving the road to private company GAAP.

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Topics: GAAP, private companies, Kristen Shepley, audit, FAF

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