The Financial Accounting Foundation’s recently created Private Company Council plans to host its initial public meeting on December 6.
The meeting will take place at the FAF’s offices in Norwalk, Conn., where the Financial Accounting Standards Board is also located. The FAF established the PCC as a replacement for the Private Company Financial Reporting Committee in response to complaints that exceptions needed to be made in accounting standards for privately held companies. A Blue-Ribbon Panel was set up by the FAF, the American Institute of CPAs and the National Association of State Boards of Accountancy to meet for a year and recommend changes in standard-setting for private companies. It issued a report in January 2011 that eventually led, after some controversy about its structure and independence from FASB, to the creation of the PCC. The PCC will work with FASB to determine whether and when to modify U.S. GAAP for private companies.
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