Private company reporter - PCC continues discussions on intangible assets

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Private company reporter 05/01/2014 by Assurance services
Private company reporter - PCC continues discussions on intangible assets

At a glance

The PCC continued redeliberation of an alternative for intangible assets in a business combination but made no decision.

At its April 29, 2014 meeting, the Private Company Council (PCC) continued its redeliberations of an accounting alternative for the recognition of intangible assets in a business combination. The PCC did not approve an accounting alternative and is expected to continue its deliberations on this topic at its next meeting in July.

Separately, the PCC voted to add a project to its technical agenda related to the second phase of its project on the definition of a public business entity. The goal of the second phase is to find opportunities to reduce the number of definitions of a public entity in the FASB Codification Master Glossary, leveraging the new definition of a public business entity, as defined in Accounting Standards Update No. 2013-12, Definition of Public Business Entity – An Addition to the Master Glossary.