The Financial Accounting Foundation has issued its final report on establishing a new Private Company Council that will have the ability to recommend changes in accounting standards for privately held companies.

The FAF voted last week to establish the new council to replace the Private Company Financial Reporting Committee (see New Private Company Standards Council Established). An earlier proposal last October to establish for a Private Company Standards Improvement Council underwent considerable changes in response to thousands of comments from the American Institute of CPAs, the Institute of Management Accountants, state CPA societies, and other accountants and accounting organizations pushing for greater independence for the new council from the Financial Accounting Standards Board.

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