Industry Insights

Proposal Would Eliminate Effective Dates for Previously Issued Private Company Standards

October 2015

On September 30, 2015, the Financial Accounting Standards Board proposed removing the effective dates in the four private company accounting alternatives issued in 2014. The proposed amendments also include transition guidance allowing a private company to forgo the preferability assessment the first time it elects a private company accounting alternative within the scope of the proposal. Without the proposed provisions, a private company would be required to demonstrate an accounting alternative is preferable, in accordance with Topic 250, Accounting Changes and Corrections, if it doesn’t elect the alternative on or before its effective date.

BKD LinkedIn BKD Twitter BKD Youtube BKD Google Plus