PCC Flashcards
1
Q
Private Company Counsel
A
works with FASB to identify where alternative accounting for private companies is needed
2
Q
Goodwill should be amortized for? Is it tested for impairment?
A
should be amortized straight line basis over 10 yrs or less if appropriate, still tested for impairment
3
Q
Intangibles acquired in business combo
A
can be lumped together with goodwill
4
Q
Hedge Accounting
A
applies only to swaps that convert variable int to fixed rate debt, assume 100% effectiveness, practical expedient, documents still required, no valuation
5
Q
Retroactive Restatement when PCC alternative is elected
A
No retroactive statement
