Norwalk, CT—February 26, 2015—The Board of Trustees of the Financial Accounting Foundation (FAF) today issued a Request for Comment seeking stakeholder input as part of an assessment of the Private Company Council’s (PCC) effectiveness, accomplishments, and future role in setting standards for private companies.

The assessment is intended to assist the Trustees in determining whether the PCC is fulfilling its mission and meeting its primary objectives, and whether the Trustees should make any changes in the PCC’s structure that would improve the PCC’s effectiveness. In the May 2012 report that established the PCC, the Trustees stated that they would conduct an overall assessment of the PCC following its first three years of operation.

“The PCC has made significant progress in addressing issues that are important to private companies and the wider financial reporting community,” said FAF Chairman Jeffrey J. Diermeier.

“Going forward, the PCC will need to balance the demands of its role as an advisory body to the FASB with its responsibility to identify and help resolve private company financial accounting and reporting issues that arise in current GAAP. We are seeking stakeholder input to help determine whether the identified improvements will help the PCC achieve this balance,” added Mr. Diermeier.

In the Request for Comment, the Trustees identify possible improvements to the PCC based on initial informal feedback—some of which the PCC and the FASB have started to implement. Among the possible improvements on which the Trustees are seeking comment are: The document also includes questions for stakeholder feedback. Among the issues on which the Trustees are seeking comment are: Stakeholders should email written comments to PCCReview@f-a-f.org by May 11, 2015.

About the Financial Accounting Foundation

Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards – known as Generally Accepted Accounting Principles, or GAAP – for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.