The Financial Accounting Foundation’s board of trustees released a proposed plan Tuesday calling for the establishment of a new council that would be able to identify, propose and vote on improvements to U.S. accounting standards specifically for private companies, but the changes would still be subject to ratification by the Financial Accounting Standards Board.

The council would include between 11 and 15 members, appointed by the FAF trustees. The members would include people representing investors, lenders, auditors, accountants and others with experience in using and preparing private company financial statements.

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