FASB to research potential initial look-back projects 

December 12:  The Private Company Council (PCC) recently held its first public meeting and identified four areas that it asked the FASB staff to research for agenda consideration as potential initial look-back projects.

The four areas in which the FASB will conduct research for look-back projects include:


  • Consolidation of variable interest entities
  • Accounting for “plain vanilla” interest rate swaps, which can be used to convert variable interest rates on loans to fixed interest rates or vice versa
  • Accounting for uncertain tax positions
  • Recognizing and measuring, at fair value, identifiable intangible assets (other than goodwill) acquired in business combinations, including the requirements for measurement and disclosure of Level 3 fair value measurements

Also discussed were comments received on the FASB staff’s discussion paper and recommendations for criteria to be used by the PCC and the FASB in determining whether exceptions or modifications to U.S. GAAP ought to be made for private companies preparing U.S. GAAP financial statements.


Read a December 2012 report [PDF 85 KB] prepared by KPMG LLP: Defining Issues: Private Company Council Holds First Meeting



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