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On the Horizon -- PCC and FASB discuss private company issues

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PCC posts highlights of July 19 meeting
Comment letters issued



PCC posts highlights of July 19 meeting

The Private Company Council (PCC) met on July 19 and recommended that the FASB (1) consider a disclosure-only alternative for private companies related to equity-classified instruments with “down round” antidilution features, and (2) retain the current accounting guidance for refinances when classifying debt as current or noncurrent.

The PCC also discussed the following FASB projects with the Board:
  • Disclosures by business entities about government assistance
  • Research on financial performance reporting

Further, the PCC brought the following matters to the attention of the FASB:
  • Practical difficulties caused by the amendments in ASU 2015-10, Technical Corrections and Improvements, related to what constitutes “readily determinable fair value”
  • The need to eliminate for private companies the fair value disclosures for held-to-maturity debt securities in ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities

The next PCC meeting will be held on September 30.



Comment letters issued

On July 18, the firm submitted a comment letter in response to the AICPA’s Professional Ethics Executive Committee’s May 2016 exposure draft, Hosting Services.

On July 21, the firm issued a comment letter in response to the SEC’s Concept Release, Business and Financial Disclosure Required by Regulation S-K.

And, on July 25, the firm submitted a comment letter in response to the FASB’s proposed ASU, Consolidation (Topic 810): Interests Held through Related Parties that are under Common Control.



© 2016 Grant Thornton LLP, U.S. member firm of Grant Thornton International Ltd. All rights reserved. This Grant Thornton LLP On the Horizonn provides information and comments on current accounting and SEC reporting issues and developments. It is not a comprehensive analysis of the subject matter covered and is not intended to provide accounting or other advice or guidance with respect to the matters addressed in this publication. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this publication. For additional information on topics covered in this publication, contact a Grant Thornton client-service partner.