[gksrnrtkfka]

Ø Public Company Framework

o Developed by the FASB
o GAAP
o Small Company Lease Accounting

§ Private companies can bypass Variable
Interest Entity rules for Leases
§ Instead, Lease disclosures are made

o Accounting for Goodwill
§ Amortize Goodwill over 10 years
• Will reduce impairment likelihood • Less than 10 if more appropriate

§ Must test for impairment – Two Options
• Entity Level
• Reporting Unit Level

o Interest Rate Swaps
§ Simplified Hedge Accounting approach

Above is what I copied and pasted from NINJA note. As I googled related topic, it seems like the whole thing is related to Private company frame work not public company frame work. Also it seems like Private company is non-gaap.

Can someone here confirm if I am right ?

[Stilgoin]

Private Company Council is FASB and is GAAP. FRF for SMEs is AICPA and non-GAAP, but based on GAAP principles.

https://claytonmckervey.com/blog/2015/08/04/private-company-reporting-options-frf-for-smes-vs-private-company-council-gaap/

Stilgoin, CPA

There are enough critics. Be an encourager

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[jeff]

Thank you for pointing this out…it's the Private Company Framework … puzzled as to why it's “Public” in the notes.

Everything else is correct.

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[gksrnrtkfka]

Thank you for both of you guys.

@Jeff – another71.com

No problem. It is just typo. I give my full trust to your study material.

[Author]

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