PCC Releases Annual Report

The Private Company Council (PCC) has released its first annual report, which is intended to highlight the PCC’s activities and accomplishments during 2024. Key features of the report include:

• An introductory letter from PCC Chair Jere Shawver.
• A brief synopsis of key projects on which the PCC made progress in 2024, including the credit loss guidance related to trade receivables, debt modifications and extinguishments, simplifications to lease accounting, and presentation of contract assets and contract liabilities for construction contractors.
• A discussion of the PCC’s previous accomplishments.
• Sections on the PCC’s strategy for the future as well as how it engages with private-company stakeholders.

For more information, see the press release on the FASB’s Web site.