PCC Holds March 6 Meeting
March 27, 2025
At its March 6, 2025, meeting, the FASB’s Private Company Council (PCC) discussed,
among other things, its current agenda priorities, including:
- The FASB’s proposed Accounting Standards Update (ASU) Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and Certain Not-for-Profit Entities.
- The FASB staff’s educational paper on presentation and disclosure of retainage for construction contractors.
- The FASB’s postimplementation review project related to the leasing standard, including potential simplifications for private companies.
- Certain debt-related issues.
In addition, the PCC indicated its support for the FASB’s proposed ASUs related to
several projects, including those on (1) share-based consideration payable to a
customer, (2) determining the acquirer in an acquisition of a variable interest
entity, and (3) narrow-scope improvements to the interim reporting requirements.
For more information, see the meeting recap on the FASB’s Web site.