Are your clients eligible to adopt the goodwill accounting alternative? Can you fully communicate the pros and cons?The Financial Accounting Standards Board (FASB) recently endorsed Private Company Council (PCC) proposals for alternative accounting of goodwill by private companies.
The PCC has also proposed alternative accounting for identified intangible assets in business combinations by private companies. If elected, the alternative accounting for private companies have material differences from current accounting under generally accepted accounting principles (GAAP). These alternatives may have implications for public companies as well. However, the elections may also have unintended consequences in the financial reporting of private companies. This topic will discuss the latest with these proposals.
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