December 8, 2017
The Private Company Council (PCC) met on Friday, December 8, 2017. At the meeting, the FASB staff delivered updates (and the PCC provided input) on the following FASB topics:
- Customer's Accounting for Implementation, Setup, and Other Upfront Costs (Implementation Costs) Incurred in a Cloud Computing Arrangement (CCA) That Is Considered a Service Contract. PCC members expressed their view that implementation costs should be capitalized in these arrangements, but not the fees for a CCA that is considered to be a service contract.
- Financial Performance Reporting. PCC members discussed the results of research performed by the FASB staff on private company financial statements and the potential impact disaggregation of performance information could have within the private company sector.
- Invitation to Comment, Agenda Consultation. The FASB staff provided an update on the decisions reached by the Board at its September 20, 2017 meeting when it met to discuss the FASB Invitation to Comment, Agenda Consultation.
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.