A new Private Company Council (PCC) was established by the FASB in 2012. The PCC’s mission is to simplify accounting standards for private companies, and they are moving fast! On January 16, 2014, the FASB issued two PCC developed updates for small business accounting. The updates simplify accounting for goodwill and interest rate swaps. Our latest thought piece focuses on goodwill – the asset recognized in the purchase of a business.