The Financial Accounting Foundation’s board of trustees has voted to establish a new Private Company Council that will determine whether exceptions or modifications to U.S. GAAP for privately held companies are necessary.
The new council will replace the Private Company Financial Reporting Committee and will have the ability to identify, deliberate, and vote on any proposed changes, which will be subject to endorsement by the Financial Accounting Standards Board, which the FAF oversees, and be submitted for public comment before being incorporated into GAAP. The PCC will also serve as the primary advisory body to FASB on the appropriate treatment for private companies for items under active consideration on the FASB‟s technical agenda.
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