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Subject to voter approval in August 2014 (already passed by legislature in 2012), the phase out of personal property taxes will begin in 2016. By eliminating personal property taxes on property that is 10 years old, as well as new personal property, the personal property tax will be completely eliminated by 2023. If voters approve the measure, a special assessment will be added to real property tax bills starting in 2017 to pay for essential services.
The Private Company Council (PCC) has finalized two proposed accounting standards that would provide alternatives within US Generally Accepted Accounting Principles (GAAP) for private companies. These two standards mentioned address accounting for certain interest rate swaps and accounting for goodwill subsequent to a business combination. The proposed standards have been sent to the Financial Accounting Standards Board (FASB) for endorsement as final Accounting Standards Updates.