Private company stakeholders have never been in a better position to have their concerns addressed in the standard-setting process, according to Billy Atkinson, the chair of the new Private Company Council: “We have the wind in our sails.”

The council was created by the Financial Accounting Foundation last year to work with the Financial Accounting Standards Board to recommend exceptions or modifications to U.S. GAAP for private entities. “Just the existence of the PCC -- and, hopefully, its credibility -- will be a cultural change that will affect all of the FASB’s technical agenda processes,” Atkinson said in an interview with Accounting Today. “It’s a cultural change within the FASB organization, to which we appertain. That is a big difference today. It puts a little wind in our sails, as opposed to wind in our face.“

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