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VSCPA Offers Comments on 3 PCC Proposals

September 30, 2018

The VSCPA has submitted a comment letter to the Financial Accounting Standards Board (FASB) on three proposals from the Private Company Council, a FASB subsidiary group.

The VSCPA supported the issuance of three proposed Accounting Standards Updates (ASU):

  • Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination
  • Intangibles — Goodwill and Other (Topic 350): Accounting for Goodwill A
  • Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps

The Society suggested some changes to the ASUs, including increasing the maximum goodwill amortization from 10 years to 15 years.

No votes have been submitted yet.