ASU 2016-03

The Private Company Council (PCC) added this issue to its agenda in response
to concerns raised by private company stakeholders about the required
assessment of preferability when electing a private company accounting
alternative for the first time after its effective date. Those stakeholders were
concerned about scenarios in which it may be suboptimal for a private company to
elect a private company accounting alternative by its effective date because of the
facts and circumstances of that company or because that company is unaware of
that private company accounting alternative until after its effective date.