FASB Flash Report - December 2013
On November 25, 2013, the FASB endorsed the first two accounting alternatives for private entities. These are intended to simplify the accounting for goodwill and make it easier to apply hedge accounting to certain “plain-vanilla” interest rate swaps. The Board has indicated private entities will be able (but not required) to adopt the new standards for December 31, 2013 financial statements. The FASB will also consider similar potential changes for public entities in the future.