Little GAAP Continues to Gain Momentum

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The Private Company Council (PCC), an advisory board to the Financial Accounting Standards Board (FASB), continues to offer “Little GAAP” modifications with two new alternatives for private company accounting: interest rate swaps and goodwill accounting.

These are two areas that affect many government contractors, especially come year-end when closing the books and preparing for a financial statement audit. The first, PCC Issue No. 13-03, is a simplified approach to interest rate swap accounting, for private companies who are in arrangements where they receive variable rates and pay fixed. It also addresses private companies whose only derivatives are similar swaps. …read more

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