The Financial Accounting Foundation’s board of trustees appointed former NASBA chairman Billy Atkinson as chairman of the new Private Company Council, and named the other members of the new council, which will be able to recommend and vote on changes to accounting standards for privately held companies.

The PCC is a new body that will work with the Financial Accounting Standards Board to determine whether and when to modify U.S. GAAP for private companies. It is replacing the Private Company Financial Reporting Committee.

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