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In practice, owners of private companies frequently establish a lessor entity as a VIE for tax, estate planning, or liability reasons rather than for the purpose of structuring off–balance-sheet arrangements.
Under Accounting Standards Codification (ASC) Topic 810, “Consolidation,” VIEs are generally consolidated with other related entities (e.g., a lessee operating company) under common control.
BC 15) note that the concept of common control is meant to be broader than in the examples provided by EITF Issue 02-5 and argue that common control is not an entirely new concept within U. A review of these subsections, however, does not reveal any substantive definition of common control.
Accordingly, it appears that significant judgment will continue to be necessary in the application of this concept.
Unfortunately, despite these requests, no definition was provided.
Current practice is to refer to the guidance from the Securities Exchange Commission (SEC), which was discussed by the Emerging Issues Task Force (EITF) in EITF Issue 02-5, The Private Company Council (PCC) and FASB (ASU 2014-07 para. They point to the use of the term in ASC Topic 805, “Business Combinations,” and the common control subsections included therein.
A subsequent decline in the value of a leased asset below the principal amount of the guaranteed or collateralized debt would not cause a private company to fail this provision.
If the lessor subsequently refinances the debt or enters into any new obligation that requires guarantees or collateralization by the private company, however, the new arrangement must be assessed to ensure that this criterion is still met.
The following is a brief overview of the current accounting requirements for applying VIE guidance and explores the accounting alternative available to private companies under ASU 2014-07.
Qualifying criteria and practical considerations are discussed, and illustrations are presented to 1) assist preparers and management of private companies in deciding whether to adopt this accounting alternative and 2) educate other stake-holders as to the consequences.