Effective May 21, 2023, P&N has joined EisnerAmper. Read the full announcement here.
The Private Company Council (PCC) determines alternatives to existing nongovernmental GAAP to address the needs of users of private company financial statements, based on criteria mutually agreed upon by the PCC and the FASB. Before being incorporated into GAAP, PCC recommendations are subject to a FASB endorsement process. The PCC also serves as the primary advisory body to the FASB on the appropriate treatment for private companies for items under active consideration on the FASB’s technical agenda.
The PCC met on Tuesday, April 4, 2017. Below is a summary of issues addressed by the PCC at the meeting. The FASB staff delivered updates (and the PCC provided input) on the following FASB projects:
The FAF Trustees are currently seeking candidates for three upcoming member vacancies on the PCC: a CPA practitioner, a financial statement preparer, and a financial statement user. More information can be found here, submissions are due by April 24, 2017.
The next PCC meeting will be held on Tuesday, July 11, 2017. For more information on PCC projects, visit the PCC website. The FASB and PCC are holding the next private company Town Hall meeting on June 13, 2017 in Las Vegas as part of the AICPA National Advanced Accounting and Auditing Technical Symposium.