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What is it, why was it initiated and who does it affect?
The Financial Accounting Foundation Board (FASB) of Trustees established the Private Company Council (PCC) in May 2012. The PCC’s mission is to improve the process of setting accounting standards for private companies.
The PCC has the following two principal responsibilities:
- The PCC and the FASB, working jointly, will mutually agree on a set of criteria to decide whether and when exceptions or modifications to U.S. GAAP are warranted for private companies. Based on those criteria, the PCC will review and propose exceptions or modifications to U.S. GAAP to address the needs of users of private company financial statements.
- The PCC serves as the primary advisory body to the FASB on the appropriate treatment for private companies for items under active consideration on the FASB’s technical agenda.
When you have to be Right, Ask an Expert.
Steven N. Fortney, BBA, CPA
Steven contributes to the authoring and maintenance of Wolters Kluwer, CCH accounting content. Before Steven joined Wolters Kluwer, CCH, he held several positions over a 30-year period with a Fortune 500 company in charge of technical accounting matters and internal and external financial reporting.
Steven holds a bachelor’s degree from the University of Wisconsin–Madison. He is a member of the Wisconsin Institute of Certified Public Accountants.
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