The Private Company Council (PCC) provides advice on the FASB’s technical agenda and proposes possible alternative treatments with respect to the needs of users of private company financial statements. As a result of a PCC recommendation, the FASB provided a simplified hedge accounting approach to account for swaps that economically convert variable-rate borrowings into fixed-rate borrowings.
This chapter discusses this simplified hedge accounting approach and other relief provided for private companies when applying ASC 815, Derivatives and Hedging. See FSP 19.6 and FSP 20.7.3 for information on derivative and hedging presentation and disclosure considerations for private companies.
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