PCC Holds September 2020 Meeting September 30, 2020 The Private Company Council (PCC) held a meeting with the FASB on September 22, 2020. Topics discussed at the meeting included: Summary of the September 21, 2020, meeting with the AICPA’s Technical Issues Committee. Current issues in financial reporting during the COVID-19 pandemic. Overview of implementation issues related to revenue and leases. Formation of a working group related to profits interests and their interrelationship with partnership accounting. Review of comments received on proposed amendments relevant to nonpublic business entities from the proposed ASU, Disclosure Framework — Changes to the Disclosure Requirements for Income Taxes. The next PCC meeting is scheduled for December 3, 2020. For more information, see the meeting recap on the FASB’s Web site.