September 19, 2017
The Private Company Council (PCC) met on Tuesday, September 19, 2017. At the meeting, PCC and FASB members shared stakeholder input from the private company Town Hall meeting on August 31, 2017, in conjunction with the Georgia Society of CPAs.
The FASB staff delivered updates (and the PCC provided input) on the following FASB topics:
- Cloud Computing (EITF Issue No. 17-A). PCC members provided input on the alternatives presented to account for costs for implementation activities incurred in a cloud computing arrangement that is considered a service contract.
- Balance Sheet Classification of Debt. The FASB staff discussed the Board’s recent decisions on the project. PCC members provided suggestions to improve clarity. PCC members expressed a commitment to work with the Board and staff on ways to educate stakeholders on the requirements of the new standard.
- Readily determinable fair value. The PCC discussed the FASB staff’s research on the topic. A PCC member observed that the topic would also benefit from educational initiatives.
The next PCC meeting will be held on Friday, December 8, 2017. For more information on PCC projects, visit the PCC website.
PCC Meeting Recaps are provided for those interested in following the activities of the PCC. Official positions of the PCC and the FASB are reached only after extensive due process & deliberations. More details on the PCC’s input on the FASB’s projects can be found within the meeting minutes, which will be published on the PCC website in the coming weeks.