PCC Holds April 2022 Meeting May 11, 2022 The Private Company Council (PCC) held a meeting with the FASB on April 21 and 22, 2022. Topics discussed at the meeting included: Profits interest awards and their interrelationship with partnership accounting. Leases implementation issues. Accounting Standards Update (ASU) No. 2022-02, Financial Instruments — Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. Current issues in financial reporting. Agenda consultation research project. Accounting for government grants. Accounting for and disclosure of intangibles. Accounting for financial instruments with features linked to environmental, social, and governance activities and regulatory credits. Proposed ASU on deferral of the sunset date of ASC 848, Reference Rate Reform. The next PCC meeting is scheduled for June 23–24, 2022. For more information, see the meeting recap on the FASB’s Web site.