Private Company Council (PCC)
First Meeting of the Private Company Council (PCC), 9:00 a.m. – 3:00 p.m. EST
Council members and FASB members will meet to discuss the following topics:
- Transition from the Private Company Financial Reporting Committee
- Agenda direction for potential look-back projects
- Private company decision making framework and definition of a nonpublic entity
- Selected FASB projects.
Proposed Agenda
Meeting Handout
(This meeting will be video webcast.)
Financial Accounting Foundation Board of Trustees Establishes Private Company Council (PCC)
On Wednesday, May 23, 2012, the Financial Accounting Foundation’s Board of Trustees approved the establishment of the Private Company Council (PCC), a new body to improve the process of setting accounting standards for private companies. The final plan was issued on Tuesday, May 30, 2012.
- Press Release—Newly Created Private Company Council to Hold Inaugural Public Meeting on December 6 (October 18, 2012)
- Press Release—Financial Accounting Foundation Appoints Members To Newly Created Private Company Council (September 19, 2012)
- Press Release—Financial Accounting Foundation Issues Request for Nominations for New Private Company Council (June 1, 2012)
Final Report—Financial Accounting Foundation Board of Trustees Establishment of the Private Company Council (May 30, 2012)
Members of the FAF Board of Trustees Private Company Review Committee (May 30, 2012):
Press Release—Financial Accounting Foundation Establishes New Council to Improve Standard Setting for Private Companies (May 23, 2012)
Background
Summary of Comment Letters
Roundtables
January 18, 2012—Atlanta, GA
January 26, 2012—Fort Worth, TX
February 7, 2012—Palo Alto, CA (Stanford)
March 1, 2012—Boston, MA
“From the President’s Desk”—October 2011
Download
Podcast—Interview with FAF President and CEO Terri Polley, featuring opening remarks from Jack Brennan, Chairman of the Board of the FAF Trustees
Comment Letters*received on Plan to Establish the Private Company Standards Improvement Council
*The FAF has received a large volume of identical or near identical letters from individual stakeholders. We have posted a sample of these letters as the first document (Letter No. 0) in our list of Comment Letters. We have also placed a link on that sample letter that will enable stakeholders to view each and every one of the identical or near identical letters. We hope this format provides efficient navigation for our stakeholders who desire to view the various comments we receive on the Plan to Establish the Private Company Standards Improvement Council.
Plan to Establish the Private Company Standards Improvement Council (October 4, 2011
Executive Summary
Press Release—Financial Accounting Foundation Seeks Comments on Plan to Improve Standard Setting for Private Companies (October 4, 2011)