PCC Holds September 2020 Meeting

The Private Company Council (PCC) held a meeting with the FASB on September 22, 2020. Topics discussed at the meeting included:

• Summary of the September 21, 2020, meeting with the AICPA’s Technical Issues Committee.
• Current issues in financial reporting during the COVID-19 pandemic.
• Overview of implementation issues related to revenue and leases.
• Formation of a working group related to profits interests and their interrelationship with partnership accounting.
• Review of comments received on proposed amendments relevant to nonpublic business entities from the proposed ASU, Disclosure Framework — Changes to the Disclosure Requirements for Income Taxes.

The next PCC meeting is scheduled for December 3, 2020. For more information, see the meeting recap on the FASB’s Web site.