Tag Archive | Private Company Council
Progress on Standard-Setting for Private Companies
The Private Company Council is making good progress on a new process designed to work collaboratively with the FASB in carving out exceptions or modifications of US generally accepted accounting principles (US GAAP) for private companies. Most notably, the Council has discussed a number of areas of accounting that may involve unnecessary costs and complexities […]
Update on the FAF’s Private Company Council
Accounting standard-setters are making strides toward a flexible new process designed to carve out exceptions or modifications of US GAAP for private companies. Major steps taken include: a decision by the FASB’s parent organization, the Financial Accounting Foundation (FAF), to establish a Private Company Council (PCC), the development of a prototype of a decision-making framework […]
