Core Insights - The Financial Accounting Standards Board (FASB) has updated on discussions from The Private Company Council (PCC) regarding potential simplifications in accounting processes for private companies [1][2] Group 1: Research Topics - The PCC has requested further research on lease accounting simplifications, subjective acceleration clauses, and methodologies for calculating the effective interest rate as part of its agenda prioritization process [2] - Updates were provided on selected research projects, detailing the research conducted and feedback received from private companies [2][3] Group 2: Technical Updates - The PCC endorsed the Board's decisions on proposed Accounting Standards Updates concerning Debt—Modifications and Extinguishments and Liabilities—Extinguishments of Liabilities, aimed at simplifying accounting for debt exchanges [3][4] - FASB staff briefed the PCC on recently issued standards and their applicability to private companies, ensuring the PCC is informed about new standards impacting accounting practices [4] Group 3: Engagement and Future Meetings - The PCC engaged with the AICPA Private Company Practices Section Technical Issues Committee to discuss lease accounting and effective interest rate determination [5] - The PCC plans to conduct liaison meetings with various industry groups in Fall 2025 and further meetings in early 2026 with groups such as the Institute of Management Accountants [6] Group 4: Public Comment Period - In September 2025, FASB opened a public comment period for a proposed Accounting Standards Update aimed at standardizing the measurement of paid-in-kind dividends on equity-classified preferred stock to improve financial reporting comparability [7]