PCC

Question 1

Private Company Counsel

Answer 1

works with FASB to identify where alternative accounting for private companies is needed

Question 2

Goodwill should be amortized for? Is it tested for impairment?

Answer 2

should be amortized straight line basis over 10 yrs or less if appropriate, still tested for impairment

Question 3

Intangibles acquired in business combo

Answer 3

can be lumped together with goodwill

Question 4

Hedge Accounting

Answer 4

applies only to swaps that convert variable int to fixed rate debt, assume 100% effectiveness, practical expedient, documents still required, no valuation

Question 5

Retroactive Restatement when PCC alternative is elected

Answer 5

No retroactive statement