News Summary

• The Financial Accounting Standards Board (FASB) has provided an update on the latest discussions and feedback sessions of The Private Company Council.
• The PCC has been evaluating several accounting areas to potentially simplify processes for private companies.
• It has requested further research on three topics, which are part of its agenda prioritisation process: lease accounting simplifications, subjective acceleration clauses, and methodologies for calculating the effective interest rate.
• In the coming years, the PCC is set to conduct liaison meetings with various industry groups.